Online wealth manager Moneyfarm has hired a chief investment officer and chief finance officer to its team.
Richard Flax joins as CIO from fund giant Pimco where he was portfolio manager. At Moneyfarm he will oversee the company’s investment decision-making process.
Private equity veteran at Cabot Square Capital Paolo Savini Nicci joins the firm as CFO to help the company grow internationally.
Moneyfarm launched in the UK this year and was founded in Italy in 2012 by Paolo Galvani and Giovanni Dapra’. It has 80,000 active users and has grown 60 per cent in the year so far, according to the firm. Both Flax and Savini Nicci will be based in the company’s London office.
Galvani says: “Moneyfarm has an incredibly strong team that has achieved great things over the last five years. Richard and Paolo bring experience that will help the company in our next phases of growth – as we look to build out our product offering to deliver great customer outcomes for the full wealth lifecycle.”
Flax says: “I’m really excited to join the dynamic team at Moneyfarm. As a company it is delivering a high quality solution to customers and I’m very much looking forward to building on that success to create the best possible investment experience.”
Nicci adds: “Moneyfarm is delivering something truly important, it is making high quality investing simple for customers, at a time when both the savings gap and the need for individuals to take control of their finances are growing. I’m very excited to be part of that future.”
Moneyfarm has raised over $30m (£24m) to date and has been backed by Allianz which took an undisclosed minority stake in the company this year.