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Moneyfarm reports 16 per cent month-on-month growth

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Digital wealth manager Moneyfarm has seen 16 per cent month-on-month average growth since launching in the UK a year ago.

Since arriving in the UK, the firm has doubled its number of employees and now has an 80-strong team.
 
Most recently, Scott Gallacher joined the team as chief commercial officer, following the appointment in December of Paolo Savini Nicci as chief financial officer and Richard Flax as chief investment officer.
 
Gallacher joins Moneyfarm with over 20 years of experience. Working with the likes of Facebook, Sky and American Express, he has helped to grow some of the world’s best-known brands. He is responsible for ensuring that the consumer remains at the heart of everything as the company enters its next phase of growth.
 
Moneyfarm’s customers, which have grown by close to 150 per cent over the last year, are each aligned with an investment portfolio based on their investor profile. The model portfolios on which these are based have all enjoyed positive performance since launch – ranging from 4.7 to 21.5 per cent. The balanced portfolio achieved 15.7 per cent compared to the ARC benchmark which achieved 10.9 per cent with a comparable risk profile.
 
In September 2016, Moneyfarm announced a strategic investment from Allianz.
 
Moneyfarm has since partnered with global money app Revolut, creating an offer that activated users across both platforms.
 
Last week it announced a new partnership with ride-hailing app Uber which will provide its partner-drivers access to pension and ISA products for the first time in the UK.

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