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AltFi Insights: Here’s which digital wealth manager is hiring the fastest and why
Which two wealth managers have reached over 200 staff in the past year and are still hiring?
AltFi Insights are articles where we analyse, unpack or exclusively reveal something new happening in peer-to-peer finance, fintech or crypto.
While some larger players like Investec are calling it quits in the world of digital wealth management, clearly others are doubling down.
Cash flooding into the sector is one indicator of who’s doing well, as are assets under management, but another signal is recruitment, and luckily job hiring is largely done in public with analysis of LinkedIn pages also giving us insight as to what’s happening behind the scenes.
For example, Nutmeg has long been the largest digital wealth manager operating in the UK, with over 200 staff since May 2018, but that title has now been taken by fast-growing Canadian fintech Wealthsimple, which now has 228 staff running its operations across the US, UK and Canada.
But while Nutmeg may have lost the title as the UK’s largest digital wealth manager by headcount, it’s staff are impressively loyal boasting the longest average tenure of the industry at 2.2 years.
It should be noted that overall average tenues in digital wealth management were significantly higher than those we found in digital banking.
While having a far smaller operation, Moneybox has grown its team by 78% in the last year alone, now boasting a workforce of 57.
Wealthify, acquired by Aviva in 2017, had the slowest headcount growth of any digital wealth manager at just 3% in the last six months and with only 4 positions advertised, indicating the company has slowed its hiring to plateau at around 35 staff.
Looking ahead, given its recent $75m fundraise and international reach, it’s fair to assume Wealthsimple will continue hiring at pace as it expands to new markets.