Wealth Manager - the site for professional investment managers

WM - Wealth Manager
Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Monzo plans 'Hargreaves for millennials' fund offering

According to The Times, Monzo is in talks with BlackRock, Fidelity and Vanguard about offering low cost funds.

Monzo plans 'Hargreaves for millennials' fund offering

Online bank Monzo wants to be the ‘Hargreaves Lansdown for millennials’ with plans to offer cut price funds to its customers. 

According to The Times, Monzo is in talks with BlackRock, Fidelity and Vanguard about offering low cost funds.

The plan, reports the paper, is part of Monzo’s aspiration to become its customers’ ‘financial control centre’ and wants the funds it offers to be cheaper than Hargreaves’, though the report does not note whether Monzo has plans to offer active funds or just passives. The three named asset managers are all leading providers of passive products.

Meanwhile Hargreaves, the UK’s biggest broker, offers actively managed funds at a lower cost by striking bargains with fund managers to appear on its Wealth 50 selection 

For example, Lindsell Train Global Equity, carries a standard charge of 0.72% while it is offered by Hargreaves at 0.52%.

Monzo has not revealed the fees for its investment accounts.

The bank is closing in on a £100 million funding round and has been valued at £1.9 billion.

Share this story

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Share this story

dot
dot
dot

Top stories

Read More
dot