HSBC launches its robo-advisor in the UK market

After successfully launching its global robo-platform in the US and Canada, HSBC enters the UK digital investment services markets in late 2018. The new online investment service is marketed under the name “HSBC My Investment.”

HSBC, the biggest bank in the UK, is offering its new service “to the 2.7 million retail account holders who met its criteria”. HSBC’s clients can start investing with £1000, and the clients will be charged a one-off fee of 0,5% of assets and ongoing charges are between 0,43% and 0,46%.

In early October 2018 Santander UK, wholly owned by the Spanish Santander Group, launched its own robo-offering with £20 savings plans with a maximum yearly fee of 0,35%. Just a couple of months earlier, late August 2018, UBS discontinued its digital SmartWealth platform pilot program by selling the technology to U.S.-based wealthtech SigFig and closes down the SmartWealth offering. 1)Brand, T. (2018). “Miksi UBS SmartWealth laittoi lapun luukulle? Vastaus ei ole aivan ilmiselvä“. The Logbook, 7.9.2018

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