Momentum Global Investors’ recent deal for the YourWealth.co.uk site is part of the South African asset manager’s drive for growth which its chief executive has said will see it seek further deals in the online advice market.
In May, the manager bought the financial advice, information and product portal YourWealth.co.uk and its Money Hub app technology, with UK chief executive Ferdi van Heerden commenting at the time that it was in-line with the same holistic approach to ‘financial wellness’ that has been promoted in South Africa.
He said: “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.”
The site was launched last October by founding director Toby Hughes, as a free service aimed at anyone with assets from £5 to £50m, enabling them to see their complete financial universe, access fund options and find advisers.
Nick Robert-Nicoud, head of strategic marketing at Momentum, told FTAdviser that the firm is looking for similar deals to help build on organic asset growth.
He mentioned the recent appointment by Liontrust to run four model portfolios for Pennine Wealth Solutions, which expanded its UK retail market reach. The four models are based on Momentum’s existing UK retail flagship Factor Series funds.
Mr Robert-Nicoud said: “We realise that Momentum is not yet a household brand in the UK, but we’re working on both organic growth and good acquisitions to build the brand and assets under management.
“I think there will be consolidation across the asset management and advisor market, there just seem to be too many firms out there. Those with niches can survive and the big firms are getting bigger through self-perpetuating growth, but in the middle there will be mergers.”
