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Fidelity legend Anthony Bolton backs robo firm

Anthony Bolton, one of the top fund managers of his generation, has bought a 3% stake in robo firm Moneybox.

Fidelity legend Anthony Bolton backs robo firm

(Updated with details on value of shares) Wealth Manager can reveal that Fidelity legend Anthony Bolton has backed robo wealth firm Moneybox.

According to the firm's annual return filed with Companies House in May, Bolton bought 43,688 ordinary shares in the business, equivalent to around a 3.1% stake of the 1.4 million ordinary shares in circulation at the end of May. The shares were priced at £4.58 at the time. 

In July the company allotted a further 232,288 shares at a price of £5.83. Based on this figure, Bolton's stake in the business has a paper value of £254,000.   

Moneybox - which counts former Investment Association chief Daniel Godfrey as a non-executive director - was launched at the end of August by co-founders Benjamin Stanway and Charles Mortimer.

It attracted £3.6 million worth of funding from private equity firms Oxford Capital and Samos Investments, alongside Betfair and Ocado, to support the launch.

Moneybox targets millennials, aiming to make it as easy as possible for this tech-savvy next generation to invest.  

Users can sign up in minutes using their mobile phone and start investing with as little as £1. It also allows them to round up everyday card purchases to the nearest pound, and invest the spare change into a stocks and shares ISA through an app.

For example, if someone buys a coffee for £1.80, the purchase will appear in the app with the option to ‘round up’ to the nearest pound.

This additional 20p is set aside to invest across thousands of companies worldwide via three tracker funds based on three core models – cautious, balanced and adventurous.

Bolton built his reputation at the helm of the £6 billion Fidelity Special Situations fund, which he managed for 27 years. A £1,000 investment in the fund when he launched it in 1979, was worth around £125,000 by the time he stood down.

He initially retired from fund management in 2007, but was persuaded to return to work in 2010 to launch its China Special Situations investment trust.  

He eventually brought the curtain down on his 40-year career in April 2014.

Bolton is not the only big fund management name to invest in the burgeoning robo sector.

Earlier this year, Wealth Manager revealed former Jupiter chief executive and current vice chair Edward Bonham Carter was among a host of city grandees to back an digital wealth firm launched by former Goldman Sachs managing director Charlotte Ransom. 

Bolton could not be reached and Moneybox declined to comment on his investment in the firm. 

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