Dutch online lender BinckBank has launched a new automated discretionary management service, known as Binck Forward.
The company said that its new service is ideal for clients looking to invest but refraining from the idea of managing their own portfolio on a daily basis.
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The service requires initial minimum investment of €10. It charges 0.5% annually, with underlying fund costs ranging up to 0.3% per year.
Users can open an online account and set their own personal financial goal and a time horizon. Following this process, the service will create a personalised investment portfolio comprising mostly of index funds, with investment risk to be reduced automatically as the goal is about to be realised.
The bank attributed the launch of the new service to its acquisition of online wealth manager Pritle. The stock-cash deal worth €12.5m was announced last month.
BinckBank chairman of the board Vincent Germyns said: “This acquisition allows us to make automated wealth management more accessible. With our new Binck Forward offering we present an attractive alternative for customers who prefer to outsource investing to a specialist.”
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By GlobalData“With Binck Forward we add an accessible online portfolio management offering which enables customers to easily manage their assets online.”
