Wealthsimple launched its robo-advisor service in the UK four and a half years ago but has now decided to focus on its Canadian business “for the time being”.
It has 16000 UK customers and £272 million in assets under management. Eligible customers will be transferred to Moneyfarm towards the end of January.
In March, the firm sold off its US book – about 17,400 customers with assets under management of $190 million – to Betterment.
Meanwhile, Toronto-based Wealthsimple has been busy expanding its range of services in its home market, moving into crypto and rolling out a P2P money transfer service. Earlier this year it raised C$750 million at a C$5 billion valuation.
Founded in 2011, Moneyfarm has operations in the UK, serving 68,000 clients and managing more than £2 billion in assets.
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