Jupiter vice-chairman Edward Bonham Carter is among the angel investors who have raised just over £6.5m to support the launch of a new online discretionary wealth manager targeting professionals. Netwealth, which launches today, has been founded by Charlotte Ransom, a former Goldman Sachs partner, and Thomas Salter, a former managing director of JP Morgan. Its management team also includes Boris...
A new robo-adviser launched in the UK in May, targeting professionals who are “underinvested or unhappily invested.” Netwealth was founded by former Nutmeg wealth boss, Charlotte Ransom, and ex-JP Morgan MD, Thomas Salter, with a senior management team which includes; chief economic strategist, Gerard Lyons, and former senior execs from JP Morgan, Julius Baer, Schroders, and UBS Asset Management. Similar to Goldman Sachs and Moneyfarm the start-up uses tracker funds and ETFs to provide investors with a portfolio of investments to match risk profiles determined by algorithms, but targeting a more specific market segment, with £50k minimum investment. Designed to promote cross-generational savings, Netwealth also enables family and friend networks to invest in separate portfolios but benefit from paying fees calculated on the overall investment of the group, with the all-in yearly fee falling from 0.65% to 0.35% for investments over £500k. The company has attracted £6.5m from angel investors including Jupiter Fund Management's Edward Bonham-Carter, Betfair co-founder Edward Wray, Harvey McGrath (former chair of Man Group and Prudential), co-founder of Leonteq, Michael Hartweg, and Merryn Somerset Webb (editor-in-chief at MoneyWeek).