A new online discretionary wealth management service, backed by Jupiter’s Edward Bonham-Carter, has launched.
Netwealth has launched promising lower costs, with families and friends able to merge their investments to reduce charges.
The new wealth manager, which was founded by former Goldman Sachs partner Charlotte Ransom and former JP Morgan director Thomas Salter, attracted £6.5m in investment from angel investors.
Netwealth allows investors to invite friends and family to the network and, while retaining their own portfolios, will see the cost of investing based on all assets.
The company says the charging structure is “particularly powerful to help promote cross-generational savings”.
Charges start at 0.65 per cent for an all-in annual fee for £50,000 invested, going down to 0.35 per cent for £500,000 and above.
Ransom says: “A significant number of professionals in Britain are either underinvested or unhappily invested. They do not have the time, nor sometimes the inclination, to invest for themselves yet have not found a suitable discretionary offering for their needs.”
The senior management team at Netwealth includes chief economic strategist Gerard Lyons, and former senior executives from JP Morgan, Julius Baer, Schroders and UBS Asset Management.
Among the investors were Bonham-Carter, Betfair co-founder Edward Wray, Harvey McGrath, former chairman of Man Group and Prudential, and Merryn Somerset Webb, editor-in-chief at MoneyWeek.