eToro, an Israel-based social trading network, is teaming up with Moneyfarm, a European digital wealth manager, to provide its UK clients with a stock and equity Individual Savings Account (ISA). However, the launch of the ISA solution will follow “a phased approach,” eToro said in a statement on Friday, explaining that the two companies will introduce more product integration “in the coming months.”
The ISA is a tax-advantaged investment account which exempts its holder from paying UK income or capital gains tax on income derived from investments arranged with the account. Thanks to this collaboration, more than three million registered eToro customers in the UK can now open this type of account, eToro said.
Under the partnership, eToro explained, Moneyfarm will provide the technology platform, create and manage the investment portfolios, and manage client relationships. However, customers will be able to see their ISA balance on their wallet with eToro.
“Moneyfarm’s globally diversified discretionary portfolios are assessed on the basis of risk and clients will be matched with appropriate, expertly managed portfolios,” eToro noted.
Speaking on the collaboration, Dan Moczulski, Managing Director of eToro UK, noted that the development is important for his clients given the upcoming changes to the UK capital gains tax threshold. In November last year, Jeremy Hunt, UK’s Chancellor of the Exchequer, announced that the country’s capital gains tax allowance in April this year would be reduced to £6,000 from £12,300 with a further reduction to £3,000 due April 2024.
“eToro UK customers will now have the option to open a Stocks and Shares ISA with Moneyfarm through our app, while continuing to use the eToro app to invest in a range of assets from stocks and crypto to commodities. and ETFs. We will continue to develop our ISA offering over time and we look forward to seeing how our clients respond,” explained.
eToro doubles portfolio expansion
eToro’s new partnership with Moneyfarm comes less than a month after the social trading network launched SocialSentiment, a new portfolio that offers retail investors exposure to US-listed companies known for their strong ESG efforts. In recent months, the social trading network has also presented other portfolio expansion opportunities to its clients.
In late January, the trading and investment firm launched “InvestorAI-US,” a new smart wallet that uses artificial intelligence to give retail investors exposure to the stocks of 12 high-growth U.S. companies. Additionally, in November last year, the company launched options trading in the United States.
eToro, an Israel-based social trading network, is teaming up with Moneyfarm, a European digital wealth manager, to provide its UK clients with a stock and equity Individual Savings Account (ISA). However, the launch of the ISA solution will follow “a phased approach,” eToro said in a statement on Friday, explaining that the two companies will introduce more product integration “in the coming months.”
The ISA is a tax-advantaged investment account which exempts its holder from paying UK income or capital gains tax on income derived from investments arranged with the account. Thanks to this collaboration, more than three million registered eToro customers in the UK can now open this type of account, eToro said.
Under the partnership, eToro explained, Moneyfarm will provide the technology platform, create and manage the investment portfolios, and manage client relationships. However, customers will be able to see their ISA balance on their wallet with eToro.
“Moneyfarm’s globally diversified discretionary portfolios are assessed on the basis of risk and clients will be matched with appropriate, expertly managed portfolios,” eToro noted.
Speaking on the collaboration, Dan Moczulski, Managing Director of eToro UK, noted that the development is important for his clients given the upcoming changes to the UK capital gains tax threshold. In November last year, Jeremy Hunt, UK’s Chancellor of the Exchequer, announced that the country’s tax allowance for capital gains in April this year would be reduced to £6,000 from 12 £300 with a further reduction to £3,000 due April 2024.
“eToro UK customers will now have the option to open a Stocks and Shares ISA with Moneyfarm through our app, while continuing to use the eToro app to invest in a range of assets from stocks and crypto to commodities. and ETFs. We will continue to develop our ISA offering over time and we look forward to seeing how our clients respond,” explained.
eToro doubles portfolio expansion
eToro’s new partnership with Moneyfarm comes less than a month after the social trading network launched SocialSentiment, a new portfolio that offers retail investors exposure to US-listed companies known for their strong ESG efforts. In recent months, the social trading network has also presented other portfolio expansion opportunities to its clients.
In late January, the trading and investment firm launched “InvestorAI-US,” a new smart wallet that uses artificial intelligence to give retail investors exposure to the stocks of 12 high-growth U.S. companies. Additionally, in November last year, the company launched options trading in the United States.