Moneyfarm expands in Germany through Allianz partnership

Source: Moneyfarm

Moneyfarm, one of Europe’s leading digital wealth managers, today announces its expansion into Germany with a cost-efficient multi-asset investment product, developed in an exclusive partnership with Allianz.

As part of the launch, Allianz Global Investors’ actively managed funds will be offered through a digital wealth manager for the first time.

The announcement demonstrates the additional value that can be created through strategic partnerships and acquisitions, and follows Moneyfarm’s acquisition of German digital wealth manager vaamo in late 2018.

Headquartered in the UK, Moneyfarm has nearly 40,000 customers across the UK, Italy and Germany. Germany is already home to the top savers in the world, with the average household saving 9% of their income and gross savings equating to 28% of GDP.

The new multi-asset product, launching in beta today, aims to give customers the benefit of active returns at competitive prices. Moneyfarm and Allianz have worked together to develop the unique product in the German market, which will leverage Moneyfarm’s extensive experience in offering digital wealth services with Allianz Global Investors’ experience of managing mutual funds and risk management expertise.

Customers in Germany can view their portfolio online via the Moneyfarm platform. As with Moneyfarm users across Italy and the UK, they will also have access to investment advisors should they want to discuss their accounts.

Speaking about the expansion of the business, Giovanni Daprà, Co-Founder and CEO of Moneyfarm, said: “Our expansion in Germany represents a huge landmark for Moneyfarm as we grow our presence outside of Italy and the UK and look to capitalise on the growth of digital wealth management across Europe. This sets us up to continue the strong growth of the past 12 months right into 2020.

As part of the launch, we’re excited to offer a new product that gives customers the best of both worlds; cooperating with Allianz to add actively traded funds to our hybrid portfolio without sacrificing the benefit of low passive prices.”

"We still see a lot of potential in this market," says Jackie Hunt, Member of the Board of Management of Allianz SE. "We are convinced that intelligent, digital wealth management offerings will gain in importance in the medium to long term. By working with start-ups such as Moneyfarm, we can combine agile technologies with our experience for the best benefit of our clients.”

The initial beta test will be offered to existing clients of vaamo and strategic partner 1822direkt, as well as Allianz Global Investors Germany employees. Following the trial, customers in Germany will be able to invest in the new offering from September.

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