Scalable Capital, the robo-advice company, is working on a self-invested personal pension that it plans to launch later this year.
The business, which received a large investment from Blackrock last week, confirmed that it was working on a Sipp, but would not comment on rumours it was working with Sipp administration company Embark on the project.
Scalable Capital, which launched in the UK last summer, describes itself as “Europe’s fastest growing digital wealth manager”. It is understood that the Sipp will be fully integrated into Scalable’s service, but will be a white-labelled product from another provider.
At present Scalable works with a number of Sipp partners whose clients can tell their provider that they want Scalable to manage their money but it is understood that the company wants a more integrated service.
BlackRock has confirmed that it has taken a "significant minority stake" in the provider. The fund giant recently said that it was interested in working with tech providers.
Pollyanna Harper, head of UK intermediary sales at Blackrock’s ETF business iShares, said the business “can start to leverage the nimble tech providers for what they are very good at”.
“This will also help the tech providers establish their brand presence across the market," she added.
Scalable, which has gathered more than £217m of assets from over 6,000 retail clients, since its launch last year, manages money for a wide range of clients.
According to the company, its clients are on average 46 years old and are well educated, with more than 90 per cent holding an academic degree.Around two thirds of its clients have a background in economics, technology or engineering but bankers represent the biggest customer group at 20 per cent of all clients.
Adam French, the chief executive of Scalable, said that the company expected to remain independent after the BlackRock investment.
rosie.murraywest@ft.com
