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Vanguard, the world’s 2nd largest asset manager, has teamed up with Berlin-based savings startup Raisin to sell its products in a deal that underscores the belief that low-cost online investment services will reshape fund distribution.
The move affords Vanguard an opportunity to grow its presence in Germany, where it is relatively new to the market. It listed ETFs on the German stock exchange last year, as part of a push into the country. Vanguard plans to open a Frankfurt office this year. Til Rochow, head of investment products at Berlin-based Raisin, which last year won backing from early investors in Spotify and Slack, said the portfolios would initially be offered to customers in Germany, but he expected them to be rolled out across its businesses in France, Spain and the UK over the coming years.
https://www.ft.com/content/2bb15ebc-2e9f-11e8-a34a-7e7563b0b0f4
