A host of City titans list among Netwealth’s 28 initial investors, funding the firm’s £6.5M launch. They include Jupiter vice-chairman Edward Bonham Carter, EFG founder Michael Hartweg and Harvey McGrath, the philanthropist and former Prudential chairman.
Rather than targeting the mass market, the company aims to tap into the wealth management client base, such as those customers serviced by Rathbones, St James’s Place and Brewin Dolphin. Speaking to FTAdviser, chief operating officer Mr Salter, who was previously a managing director at JP Morgan, suggested many of the current DFM players in the market create an “illusion of bespoke” by tinkering with ready-packaged portfolios. Rather than offering bespoke portfolios, however, he explained Netwealth offers a bespoke service instead, where the client can tailor the service according to their requirements.