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Robo's rise: 12 key UK digital wealth moments in 2016

In 2016 there has been an increasing focus on technological innovation. Here we highlight some of the key developments.

This year has been filled with news fromthe financial technology world. From crowdfunding campaigns to new businesses setting up, there have been several high profile developments.

Robo-advice, widely regarded as a disrupter to wealth management, is increasingly becoming more mainstream with several City big-hitters backing new ventures.

Here we highlight a dozen key developments in 2016.

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This year has been filled with news fromthe financial technology world. From crowdfunding campaigns to new businesses setting up, there have been several high profile developments.

Robo-advice, widely regarded as a disrupter to wealth management, is increasingly becoming more mainstream with several City big-hitters backing new ventures.

Here we highlight a dozen key developments in 2016.

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23 May – City grandees back online wealth firm

Former Goldman Sachs partner chief Charlotte Ransom launched online wealth firm Netwealth with the financial backing of Jupiter Fund Management vice-chairman Edward Bonham Carter, Santander vice-chairman Bruce Carnegie-Brown and tech investor Rosemary Leith, who is also the wife of Tim Berners-Lee.

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5 August – Robo-firm looks to raise £1m through crowdfunding

Welsh robo-adviser Wealthify launched a crowdfunding campaign to raise £1 million. In November over 650 investors from the UK and across Europe helped the company reach this goal.

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11 August – How much money Nutmeg has under management

Wealth Manager revealed how much Nutmeg, led by chief executive Nick Hungerford (pictured), has in total assets under management, which was approximately £400 million.

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18 August – Ex-Close wealth boss launches robo-firm

Former head of wealth management at Close Brothers Andrew Fay launched robo-advice firm Munnypot.

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22 September – FCA accepts nine firms into robo-advice unit

Nine firms passed the FCA’s robo-advice unit’s initial review. Eight of the firms accepted are established players in financial services looking to launch automated advice into the market. The advice unit’s role is to provide regulatory feedback on the models they are developing.

Citywire revealed earlier in the year that the regulator gave the unit a £500,000 budget for its first year.

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23 September – New robo firm reveals up to £3m weekly asset growth

Robo-advice firm Scalable Capital revealed that it has seen €2-4 million weekly AUM growth since it launched in the UK in June.

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26 September – Allianz buys stake in robo

Allianz Ventures, the venture capital arm of Allianz Group, bought a minority stake in Italian digital wealth firm MoneyFarm to accelerate its expansion plans for the UK and Europe.

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10 October – UBS launches digital wealth manager

UBS launched a digital platform called UBS SmartWealth, which uses proprietary technology and provides regulated and real-time advice.

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14 October – Killik to launch robo-investing platform

Killik & Co partnered up with ex-Google engineer Paul Taylor to launch a robo-investing platform called Buzz, which allows card payments to be rounded up to the nearest pound and the spare change is invested.

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27 October – Fidelity legend Anthony Bolton backs robo firm

Wealth Manager revealed that Anthony Bolton is among the backers of fintech company Moneybox. The firm counts former Investment Association chief Daniel Godfrey as a non-executive and was launched at the end of August.

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7 November – FCA reveals first 24 firms in Sandbox

The Financial Conduct Authority revealed the first 24 companies that were accepted into its regulatory sandbox which included start-ups and banking giants such as HSBC and Lloyds.

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14 November – Nutmeg raises £30 million and forms strategic alliance

Nutmeg, now headed up by Martin Stead (pictured), raised a further £30 million from investors and formed a strategic partnership with leading Asian advice firm Convoy. The Hong Kong based company pumped £24 million into Nutmeg.

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