Poste Italiane SpA partnered with MFM Investments Ltd., which operates online wealth management brand Moneyfarm, to provide digital investment services and digital wealth management solutions to the Italian insurer's clients.
Under the partnership, Poste Italiane will offer Moneyfarm's digital investment product through its asset management platform, offering customers a discretionary mandate of seven exchange-traded fund managed portfolios — two of which will only be available to Poste Italiane customers. The Italian company will manage customer relationships, while Moneyfarm will manage and define the investment portfolios.
The agreement is part of Poste Italiane's 2022 strategic plan.
Meanwhile, Poste Italiane entered into a subscription and shareholders' agreement with Moneyfarm Holding Ltd. regarding the issuance of the latter's series C shares. The shares, which have a total investment value of about €40 million, are reserved to Poste Italiane as lead investor and to Allianz Asset Management GmbH, a minority shareholder in Moneyfarm Holding.
The placement, which is subject to relevant regulatory approvals, is expected to complete by 2019-end and will see Poste Italiane acquire a noncontrolling stake in Moneyfarm Holding.
Founded in 2011, Moneyfarm operates in Italy, the U.K. and Germany, where it recently began operations through a joint venture with Allianz Group.
