Robo-advice  

BlackRock staff enjoy special deal from robo-adviser stake

BlackRock staff enjoy special deal from robo-adviser stake

Robo-adviser Scalable Capital has given BlackRock employees six months of free wealth management as part of its deal with the fund giant.

Earlier this year BlackRock took a large minority stake in Scalable Capital, which has assets under management of more than £300m.

As part of the deal, BlackRock employees will receive the first six months free of charge and the minimum investment has been reduced from £10,000 to £5,000.

Adam French, chief executive of Scalable Capital, said: “When it comes to digital innovations, BlackRock acts exceptionally quickly and decisively.

“We are very pleased that BlackRock embraces the benefits of digital investment management and that we are given the opportunity to help their UK workforce manage their personal investments using our sophisticated methodology.”

This is one of a number of partnerships Scalable Capital has entered into across Europe, including ING-DiBa and Siemens Private Finance.

Scalable Capital has said BlackRock’s investment brought its total funding to €41m (£36m) but the exact size of BlackRock’s stake, and how much it paid for it, has not been disclosed.

Patrick Olson, BlackRock’s deputy global chief operating officer and a member of Scalable Capital’s supervisory board, said: “The quality of Scalable Capital’s technology combined with the simplicity and ease of use make this a valuable proposition to BlackRock employees.”

Scalable Capital, which launched in the UK last summer, describes itself as “Europe’s fastest growing digital wealth manager”.

damian.fantato@ft.com