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HSBC targets 2.7m account holders with robo launch

HSBC targets 2.7m account holders with robo launch

HSBC has officially launched a UK version of the global robo platform previously launched in the US and Canada, for clients with investable assets of £1,000.

The bank said the service, marketed under the name My Investment, would be offered to the 2.7 million retail account holders who met its criteria. 

A spokesperson for the group said users would be charged a one-off  fee of 0.5% of assets. Thereafter, charges would be between 0.43% and 0.46%.

Head of digital banking at HSBC UK Raman Bhatia said: 'The way our customers interact with us is changing and we need to ensure that we stay ahead of the curve.

'More customers than ever are using mobile and internet banking with more than 90% of our interactions with customers now done through our digital channels, so it’s the natural next step that we utilise the latest technology to give customers investment advice how they want it.'

HSBC last month announced that it would bring its automated advice platform – previously launched as HSBC Wealth Track in the US and as Wealth Compass in Canada – to the UK.

It comes after Santander entered the robo market last month with the launch of its Digital Investment Adviser, which has a minimum investment of £20 a month and a maximum yearly platform service fee of 0.35%

Another bank that set up an online investment management service in the UK was UBS, before the firm decided to shut it down and sell the intellectual property earlier this year.

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