Investment management firm Fidelity International has plans to build on its Germany-based digital wealth management operation.
Richard Partridge, head of global digital wealth at the firm, said: “Fidelity’s vision to help our customers build better financial futures is the driving force for our expansion in the digital technology space.
“We first launched our digital wealth management business in Germany in 2018.
“The expansion of this business globally, including the UK, shows our aspiration to bring our investment management and service, together with innovative digital technology, to retail customers worldwide.”
Fidelity Wealth Expert requires investors to answer a series of online questions before they are placed in Fidelity funds suited to their risk appetite.
There is also an option to speak to call centre staff about investments.
The firm said it has a team of about 40 people, “driving the expansion of Fidelity’s digital wealth management business in several global markets including the UK”.
Fidelity has the required regulatory permissions to provide financial advice in the UK through its retirement services business.
It set up a London office in the summer of 2019 to help with the expansion.
This news comes a week after International Adviser reported that US passive investing giant Vanguard has been granted regulatory approval to provide retail advice in the UK by the Financial Conduct Authority.