M&G snaps up stake in wealth manager Moneyfarm
Investment firm M&G has taken a stake in digital wealth manager Moneyfarm after leading a £44.1m funding round.
The FTSE 100 investments firm said it will use Moneyfarm’s technology and digital capabilities to offer customers trading, custody and portfolio modelling services on their mobile phones and online. Global investments giant M&G, which has £370bn assets under management, has acquired a minority stake in Moneyfarm, which manages £2.2bn of user funds, through its latest funding round which which also saw participation from Poste Italiane.
David Montgomery, the managing director at M&G Wealth, said: “with the launch of a direct, mobile-based investment platform, complementing our growing independent, proprietary and hybrid adviser businesses, our customers will be able to access the channel, advice and investment proposition that most suits their financial situation and needs.”
M&G in the process of expanding its offering to clients and snapped up Sandringham Partners, a financial advisory firm, earlier this month.
Giovanni Daprà, the co-founder and chief executive at Moneyfarm, said existing partnerships with industry giants such as Allianz, Poste Italiane and UniCredit demonstrates the “real value that can be created by combining the agility and innovation of a direct, digital fintech business with the scale and experience of an established provider.”
Launched in 2012, Moneyfarm has 80,000 active users.