LONDON (Reuters) – British money manager M&G said on Wednesday it has taken a minority stake in digital wealth manager Moneyfarm as part of a partnership to provide investment services to consumers in Britain.
M&A will use Moneyfarm’s technology and digital capabilities to offer model portfolios through mobile phones and online.
The financial details of the deal were not disclosed but a source with knowledge of the transaction told Reuters that the funding round values Moneyfarm at between 300 and 350 million pounds ($472 million).
The company will explore with Moneyfarm opportunities to partner in other European markets.
M&G has more than 370 billion pounds under management while Moneyfarm manages 2.2 billion pounds of assets, according to its website.
Moneyfarm has partnerships in other countries with Allianz Asset Management, Poste Italiane and UniCredit.
($1 = 0.7408 pounds)
(Reporting by Pamela Barbaglia and Andres Gonzalez, editing by John O’Donnell)