Citywire - For Professional Investors

Register to get unlimited access to all of Citywire’s fund manager database. Registration is free and only takes a minute.

Legg Mason invests $4mn in HK robo advisor

Legg Mason invests $4mn in HK robo advisor

US asset manager Legg Mason has invested $4 million in Quantifeed, a business-to-business robo advisor headquartered in Hong Kong. 

Led by Cathay Financial Holdings, the investment was raised during Quantifeed’s Series B round of funding, and garnered $10 million in total for the automated investment platform.

Lennie Lim, head of Asia distribution for the $747 billion global asset manager said the investment reflects Legg Mason’s intent to back its global intermediary clients in the digital transformation of their businesses.

The funds will be used to support Quantifeed’s Singapore expansion, where it currently has three employees following a launch in November, as well as accelerate the firm’s research and development in behavioural analytics and data science.

Starting out with a $3.5 million funding from venture capitalists, the digital advisory firm founded by former investment banking executives Alex Ypsilanti and Ross Milward has raised $18 million till date.

Targeting mass affluent investors, it provides white-labelled robo advisory services to nine financial institutions, including the private and premier banking divisions of five banks in Asia.

The platform conducts goals-based portfolio management and provides customised portfolios by utilising existing products on a private bank’s funds platform in addition to exchange-traded funds and other listed securities.

Other institutional investors have made similar investments in recent months.

In April, Nomura Asset Management announced that it was investing $25 million in 8 Securities, a Japanese fintech company, as well as its Hong Kong-headquartered parent, 8 Limited.

Prior to that, Singapore-based robo-advisor Stashaway raised $5.3 million in Series A funding from family offices in the country.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Events
  • Citywire Asia Bangkok Retreat 2018: day one images

    Citywire Asia Bangkok Retreat 2018: day one images

  • Citywire Asia Bangkok Retreat 2018: day two images

    Citywire Asia Bangkok Retreat 2018: day two images

  • Citywire Asia Taipei Retreat 2017: day one images

    Citywire Asia Taipei Retreat 2017: day one images

  • Citywire Asia Taipei Retreat 2017: day two images

    Citywire Asia Taipei Retreat 2017: day two images

  • Citywire Asia Bangkok Retreat 2017: day one images

    Citywire Asia Bangkok Retreat 2017: day one images

  • Citywire Asia Bangkok Retreat 2017: day two images

    Citywire Asia Bangkok Retreat 2017: day two images

  • Images from Citywire Thailand Forum 2017

    Images from Citywire Thailand Forum 2017

  • Citywire Asia Awards 2017: images from Singapore

    Citywire Asia Awards 2017: images from Singapore

  • Citywire Asia Awards 2017: images from Hong Kong

    Citywire Asia Awards 2017: images from Hong Kong

  • Citywire Asia Retreat in Bangkok: day two images

    Citywire Asia Retreat in Bangkok: day two images

  • Bangkok buzz: day 1 images from our Asia Retreat

    Bangkok buzz: day 1 images from our Asia Retreat

  • Images from Citywire's Thailand Forum

    Images from Citywire's Thailand Forum

  • Pictures from Citywire's Hong Kong forum

    Pictures from Citywire's Hong Kong forum

  • Images from our Citywire Singapore Forum

    Images from our Citywire Singapore Forum