Allianz targets growth in digital wealth management with stake in Moneyfarm
Allianz has increased its stake in the digital investments disruptor Moneyfarm, becoming its largest minority shareholder.
The German giant is strengthening the partnership as it looks to become a leader in digital wealth management, the area in which Moneyfarm has established a niche since being founded by Paolo Galvani and Giovanni Daprà in 2011.
Utilising artificial intelligence, Moneyfarm's digital platform generates bespoke investment advice for its clients. Through information gathered from a questionnaire, the AI constructs a proposed portfolio that fits the client’s needs.
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"Allianz and Moneyfarm have a common goal to broaden the availability of digital wealth management to savers and investors in a number of markets," said Jackie Hunt, Member of the Board of Management of Allianz. "We see increasing client demand for smart yet easy-to-handle digital solutions, particularly when it comes to a holistic management of their investments."
"By intensifying our partnership, we can offer personalized investment solutions through this sophisticated digital channel for a growing client base."
As part of a UK pilot, Allianz has been offering its UK-based employees the opportunity to invest via Moneyfarm in actively managed funds of the Group’s two asset managers, Allianz Global Investors and PIMCO. Following the additional investment, Allianz will hold two seats on the board of Moneyfarm.