Cadby, who was previously chief executive of hedge fund Ermitage, said the lack of positive sentiment made moving from hedge funds into platforms an attractive proposition.
“You want to enter a space when there is a lot of negativity,” he said at a briefing ahead of the launch.
“We are professional investors who saw an opportunity to embrace technology, rather than technologists who saw an opportunity in the world of wealth management.”
ETFs, active and personalised
Tiller offers actively managed funds and themed investment baskets alongside low-cost passive investment products.
Investors can put their funds in a general investment account or an ISA. The company said it has plans to add a self-invested personal pension option at a later date.
Cadby said the platform is “age agnostic” but is targeting “mass affluents”.
The minimum investment is £10,000 ($13,238, €11,331) and investors can choose between three portfolios:
- Core, which tracks the market using ETFs – 75bps
- Smart, which combines ETFs and actively managed funds – 90bps
- Select, which is a more personalised investment approach – 90bps
ETF portfolios have an underlying fee of typically 25bps and active portfolios have an average underlying fee of 54bps.
There are no additional charges for custody, administration or for making trades or withdrawals, the company said.
Currently, the funds are only available in sterling, but there are plans to launch US dollar and euro versions over the next few months.
There are no passport or residency restrictions, the only requirement is that the investor must have a UK bank account, a spokesperson confirmed to International Adviser.
Thematic investing
An additional element Tiller has introduced is the ability to invest according to a specific theme.
There are 20 different themes available at launch; including sustainability, robotics and global water.
Proof of ID
Investors who sign up to Tiller can set up an account in as little as 15 minutes, the company claims.
It uses “advanced passport recognition technology” that means investors can use their mobile phone to upload a photo of their passport and then take a selfie to verify their identity.
A photo of a bill or bank statement can then be used for address confirmation.
Not left to fate
Co-founder and chief investment officer Wauton explained that their investment management and proprietary technology experience from Ermitage, which they sold in 2013, was key to setting up Tiller.
“How wealth managers perform in turbulent markets is a true market of their skill. We never leave your money to the fate of the markets. We combine intelligent technology and proactive management.
“This approach gives discerning investors peace of mind about risk and performance, at an affordable fee.”
