Bankers back robo-adviser as assets double

Bankers back robo-adviser as assets double

Scalable Capital has doubled its assets under management to €200m (£172m) in the past three months.

The robo-adviser launched in the UK in summer 2016 and in January it began a collaboration with Siemens to offer wealth management to its employees in Germany.

Scalable Capital currently manages around 5,000 bespoke ETF portfolios for clients with an average value of €40,000 (£34,500).

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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, founder and chief executive of Scalable Capital, said: “Our assets are growing by more than €1m (£864,000) per day.

“Our service has really struck a chord with frustrated retail investors who know that they should be making their money work harder but the lack the time or expertise to manage their investments on their own, or who are frustrated with the high costs of traditional solutions.

“We are addressing this gap with our cost-efficient, technology-driven and intelligent wealth management proposition.”

Scalable Capital has said it plans to launch a self-invested personal pension product by the end of the second quarter of 2017.