https://www.stashaway.sg/simple
Thoughts?
--------------------------------
StashAway offers portfolio to manage cash
ROBO-ADVISER StashAway has rolled out a cash management portfolio that gives all investors access to Singapore-focused money-market funds.
Known as StashAway Simple, the new portfolio offered by the firm consists of the LionGlobal SGD Money Market Fund and the LionGlobal SGD Enhanced Liquidity Fund.
Unlike conventional cash management products the likes of bank fixed deposits and savings accounts, StashAway Simple does not require investors to “meet any sort of conditions” to earn the projected 1.9 per cent in returns, said the firm in a statement on Monday.
There are no deposit requirements, minimum balance, withdrawal restrictions or lock-up periods for deposits. There is also no cap on the balance eligible to earn the projected returns.
While there are no management fees, investors will be charged an average 0.2 per cent expense ratio fee by the unit trust managers, embedded in the projected returns.
StashAway said its new cash management portfolio seeks to help individuals better manage savings and “make the most out of their cash”, regardless of their net worth.
“Just as individuals of all net worths have been underserved when it comes to investment products in South-east Asia, they have also been massively underserved by banks when it comes to managing their cash effectively,” said StashAway cofounder and chief executive Michele Ferrario.
As an example, he noted that bank savings accounts typically have “confusing” tiered interest rates that require customers to satisfy multiple criteria, such as salary crediting, credit card use and minimum monthly expenditures.
“We want them (people) to think differently about how they can manage their cash,” said Mr Ferrario.
The StashAway Simple portfolio will not boost the firm’s bottom line – unit trust managers will rebate half of their management fees to the firm, which are then entirely used to reimburse StashAway clients.
When asked about the business motivations behind the new product, Mr Ferrario told The Business Times: “Our goal is to have a full range of high-quality financial products so that our clients view us as their principal wealth management partner. Simple takes us one step closer to offering that experience to our clients.”
The firm’s latest offering comes less than two months after the launch of an income portfolio that gives retail and accredited investors exposure to Singapore-listed exchange-traded funds.
The income portfolio is StashAway’s fastest growing product, with a third of new deposits going into the portfolio since the launch, said Mr Ferrario. He declined to reveal the total assets under management.
In July, StashAway raised US$12 million through a Series B round led by Eight Road Ventures, the proprietary investment arm of Fidelity International. The firm has over 100,000 users to date.
Thoughts?
--------------------------------
StashAway offers portfolio to manage cash
ROBO-ADVISER StashAway has rolled out a cash management portfolio that gives all investors access to Singapore-focused money-market funds.
Known as StashAway Simple, the new portfolio offered by the firm consists of the LionGlobal SGD Money Market Fund and the LionGlobal SGD Enhanced Liquidity Fund.
Unlike conventional cash management products the likes of bank fixed deposits and savings accounts, StashAway Simple does not require investors to “meet any sort of conditions” to earn the projected 1.9 per cent in returns, said the firm in a statement on Monday.
There are no deposit requirements, minimum balance, withdrawal restrictions or lock-up periods for deposits. There is also no cap on the balance eligible to earn the projected returns.
While there are no management fees, investors will be charged an average 0.2 per cent expense ratio fee by the unit trust managers, embedded in the projected returns.
StashAway said its new cash management portfolio seeks to help individuals better manage savings and “make the most out of their cash”, regardless of their net worth.
“Just as individuals of all net worths have been underserved when it comes to investment products in South-east Asia, they have also been massively underserved by banks when it comes to managing their cash effectively,” said StashAway cofounder and chief executive Michele Ferrario.
As an example, he noted that bank savings accounts typically have “confusing” tiered interest rates that require customers to satisfy multiple criteria, such as salary crediting, credit card use and minimum monthly expenditures.
“We want them (people) to think differently about how they can manage their cash,” said Mr Ferrario.
The StashAway Simple portfolio will not boost the firm’s bottom line – unit trust managers will rebate half of their management fees to the firm, which are then entirely used to reimburse StashAway clients.
When asked about the business motivations behind the new product, Mr Ferrario told The Business Times: “Our goal is to have a full range of high-quality financial products so that our clients view us as their principal wealth management partner. Simple takes us one step closer to offering that experience to our clients.”
The firm’s latest offering comes less than two months after the launch of an income portfolio that gives retail and accredited investors exposure to Singapore-listed exchange-traded funds.
The income portfolio is StashAway’s fastest growing product, with a third of new deposits going into the portfolio since the launch, said Mr Ferrario. He declined to reveal the total assets under management.
In July, StashAway raised US$12 million through a Series B round led by Eight Road Ventures, the proprietary investment arm of Fidelity International. The firm has over 100,000 users to date.
