Saxo Bank launches wealth management platform
Saxo Bank will launch Modern Wealth Management (MWM), its new online platform for mid-long term self-directed retail investors in the UK, as online investment management grows in popularity.
The new online platform allows clients to change weightings or remove funds or ETFs from the model portfolio, and manage ISA and SIPP investments, as well as investing in the UK and overseas equity markets, gilts and corporate bonds, a range of ETFs, and managed funds.
A survey commissioned by the bank found that over 78% of respondents already manage at least some of their investments online.
Karsten Henriksen, head of Modern Wealth Management for the UK market said: “We are very excited to launch this platform in the UK. This is an important market for us, and we can see from our survey that MWM fits right into the requirements and expectations of today’s investors. The wealth management space in the UK is well developed and investors are sophisticated, and MWM meets their needs by providing simple, easy to use tools and offers transparent fees and guidance for those who are just beginning to take their wealth into their own hands.”
Upfront fees on fund purchases on the platform are cut to zero, while equity and ETF trades cost £9.95 for orders up to £75,000. Investments are guaranteed by the Danish state to the equivalent of €100,000. Stock portfolios will be kept in segregated custody.