We are proud to announce Anchor Capital’s appointment as the asset manager to South Africa’s (and the continent’s) first robo-advisor service – Bizank. We are excited to be involved in such an innovative business and will, together with the Bizank team, look to take the South African financial services industry into its next growth phase.
Bizank offers an easy-to-use interface that builds an investment portfolio tailored to a client’s individual needs and risk profile: Anchor Capital manages the money on behalf of the investor and provides the investment expertise.
Bizank is designed to learn about its clients, through risk profiling it designs a tailored portfolio and then gives clients online access to their accounts anytime, anywhere, and from any device. Fees are low and transparent – ranging from 1.00% p.a. to 1.25% p.a. (excl. VAT), depending on which investment the client chooses. Exact fees are communicated with the client once the portfolio has been constructed. Bizank is available from as little as R1,000/month, for monthly debit orders, or R10,000 for initial lump-sum investments.
Although still a small part of the financial services industry, robo-advisors are becoming a significant player in global asset management – currently managing an estimated $50bn globally, according to Bloomberg. This is expected to grow to around $2trn by 2020. For Anchor Capital, our participation in Africa’s first robo-advisor service is an exciting step towards the future of asset management on the continent and globally.
Bizank is likely to attract younger investors, who are often not the core domain of financial advisors. Bizank will seek to work with the IFA community collaboratively in this market segment and intends to launch tools specifically for IFAs.
Anchor Capital, CEO