eToro Taps Moneyfarm to Provide UK Clients with Stocks & Shares ISA

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eToro Taps Moneyfarm to Provide UK Clients with Stocks & Shares ISA

<p>eToro, an Israel-based social trading network, is partnering with Moneyfarm, a European digital wealth manager, to provide its UK clients with a stocks and shares 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 both companies
will introduce more product integration "in the coming months."</p><p>ISA is a tax-efficient investment account that exempts its holder from
paying the UK income or capital gains tax on earnings made from investment arranged with the account. Through the collaboration, over three million registered eToro clients in the UK can now open this type of account, <a href="https://www.financemagnates.com/tag/etoro/" target="_blank" rel="follow">eToro</a> said.</p><p>eToro Explains New Partnership with Moneyfarm</p><p>Under the partnership, eToro explained, Moneyfarm will provide the
technology platform, create and manage the investment portfolios as well as
manage customer relationships. However, clients will be able to view
their ISA balance on their portfolio with eToro.</p><p>"The Moneyfarm globally diversified discretionary portfolios are risk rated
and customers will be matched with the correct portfolios, managed by experts,"
eToro noted.</p><p>Speaking on collaboration, Dan Moczulski, eToro's UK Managing Director,
noted that the development is significant for its clients given the upcoming
changes to the UK's capital gains tax threshold. In November last year, Jeremy
Hunt, the UK's Chancellor of the Exchequer, announced that the country's capital
gain tax allowance in April this year will be cut down to £6,000 from £12,300 with
further reduction to £3,000 scheduled for April 2024.</p><p>"eToro UK clients will now have the convenience of being able to open a
Stocks and Shares ISA with Moneyfarm via 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 build our ISA offering over time and we look
forward to seeing how our clients respond,"  explained.</p><p>eToro Doubles Down on Portfolio Expansion</p><p>eToro's new partnership with Moneyfarm comes less than a month after the social trading network <a href="https://www.financemagnates.com/forex/etoro-launches-socialsentiment-portfolio-offering-retail-traders-exposure-to-esg-firms/'" target="_blank" rel="follow">launched SocialSentiment</a>, a new portfolio that offers retail investors exposure to US-listed
companies known for their solid ESG efforts. In recent months, the social
trading network has introduced other portfolio expansion opportunities to its clients.</p><p>In late January, the trading and investment firm <a href="https://www.financemagnates.com/fintech/etoro-introduces-ai-powered-porfolio-that-targets-high-growth-us-firms/" target="_blank" rel="follow">introduced 'InvestorAI-US,'</a> a new smart
portfolio that uses artificial intelligence to provide retail investors with
exposure to the stocks of 12 high-growth US-based companies. Additionally, in November last
year, the company <a href="https://www.financemagnates.com/forex/etoro-launches-options-trading-in-the-us-months-after-acquiring-gatsby/" target="_blank" rel="follow">launched options trading</a> in the United
States.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.

Source: eToro Taps Moneyfarm to Provide UK Clients with Stocks & Shares ISA