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Rather than targeting the mass market, the company aims to tap into the wealth management client base, such as those customers serviced by Rathbones, St James's Place and Brewin Dolphin. Speaking to FTAdviser, chief operating officer Mr Salter, who was previously a managing director at JP Morgan, suggested many of the current DFM players in the market create an "illusion of bespoke" by tinkering with ready-packaged portfolios."
One of the most promising challenger firms aiming to take on the established wealth management and private client investment business."
Humans are fundamentally badly designed for managing money ... Hence the launch of a new fund management group this week called Netwealth [...] once aboard, clients are promised first-class asset allocation, together with the performance measurement, customisation and transparency which modern technology makes possible."
According to Netwealth co-founder and CEO, Ransom, Netwealth was designed to assist British professionals who are "underinvested or unhappily invested" make the most of modern technology. "While critical aspects such as a highly qualified team, investment rigour and security of their assets are all vital, they also want to benefit from all that technology can bring, including performance analytics, customisation of their individual investment goals, and transparency when it comes to the true costs of the service."
The company has raised just over £6.5m of investment, understood to be one of the largest angel rounds in the UK in the last five years. It has attracted an investor line-up including Bonham Carter, Michael Hartweg (co-founder, Leonteq), Harvey McGrath (former chairman of Man Group and Prudential), Merryn Somerset Webb (editor-in-chief, MoneyWeek) and Edward Wray (co-founder, Betfair)."
Netwealth's charges are way below total costs of 2%, or more, levied by traditional advisers."
[Netwealth] have attracted a big-hitting team. The pair earlier this month signed up Gerard Lyons (pictured), who was previously the chief economic adviser to London mayor Boris Johnson, as chief economic strategist. Former UBS Asset Management executive director Iain Barnes has joined as head of portfolio management with Rachel Willox, latterly an executive director at JPMorgan, recruited as head of operations."
Founded by Charlotte Ransom, a former Goldman Sachs banker, the start-up hopes to challenge traditional wealth managers and private bankers with a low-cost, automated investment service. With a minimum investment of £50,000, it charges a tiered 0.65% management fee, dropping to 0.35% for those who put in more than £500,000, around a third of the cost of actively managed portfolios."
