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South African giant snaps up online UK wealth platform

South African giant snaps up online UK wealth platform

Momentum's UK subsidiary has acquired YourWealth.co.uk in a bid to tap into the growing self-direct market.

The South African-based wealth manager has acquired the firm's D2C wrap and its Money Hub app technology, which is currently tracking £1.74 billion of consumer assets for its registered users.

The D2C platform joined the increasingly crowded platform space in October last year, and offers access to information, products and financial advice. The offering spans to more than 1,500 funds, ETFs and FTSE-listed stocks and shares.

Aimed at people with anything from £5 to £50 million, the wrapper boasts no levied initial charges and minimum investment thresholds apply of £1,000 for a lump sum and £100 per month for regular contributions.

Although the platform is constructed on a direct access basis, YourWealth.co.uk provides access to a panel of FCA-regulated financial advisory firms if an investor decides they would like advice.

A complementary service, Money Hub Connect allows advisers to co brand the Money Hub technology for use with their clients.

Ferdi van Heerden, CEO of Momentum (UK) commented: 'This acquisition is exciting for Momentum as it is in line with our South African Financial Wellness initiative aimed at providing consumers with pertinent information to assist them to manage their financial wellness accordingly.

He added: 'This acquisition ensures that the same holistic approach to financial wellness can be provided to our UK clients.'

'We believe these technology solutions will continue to evolve and financially empower consumers across the UK (often in partnership with their advisors) by enabling them to track and to take control of their financial affairs as their needs change through their lives.'

Toby Hughes, founder and CEO of Yourwealth.co.uk added the acquisition would reinforce the platform's commitment to 'building one of the world's most powerful financial technology solutions that will benefit both consumers and their advisers.'

While the acquisition could well mean increasing competition for the low-cost online discretionary manager Nutmeg, for Momentum - the UK subsidiary of financial services group MMI Holdings- this also means a growing presence in the UK.

Globally, MMI Holdings manages client and shareholder assets of circa £34 billion.

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