Digital wealth business Moneyfarm has bought Profile Pensions.
Profile Pensions is a pension advisor and consolidator.
It has around £870mn in AUM and 24,000 customers.
Moneyfarm has purchased the firm (subject to regulatory approval) to enter into the UK pensions industry.
What does this mean?
Profile Pensions platform which automates pensions advice, tracing and consolidation will now be part of Moneyfarm’s digital wealth management offering. Profile Pensions will be a minority shareholder in Moneyfarm.