Moneyfarm names PIMCO man as CIO

Added 2nd December 2016

Online wealth manager Moneyfarm has announced two new appointments to its senior team.

Moneyfarm names PIMCO man as CIO

Richard Flax and Paolo Savini Nicci have joined the digital wealth manager tasked with supporting the growth of the firm and its mobile app, which allows investors to manage a portfolio from their phone.

Flax joins as chief investment officer after more than 17 years managing portfolios at both PIMCO and Goldman Sachs Asset Management. Nicci joins as chief financial officer tasked with protecting the company position as it looks to expand internationally.

Flax said: “I’m really excited to join the dynamic team at Moneyfarm. As a company it is delivering a high quality solution to customers and I’m very much looking forward to building on that success to create the best possible investment experience.”

Nicci brings more than 15 years of experience to the management team and has held roles at Morgan Stanley, AnaCap Financial Partners and Cabot Square Capital specialising in principal finance and private equity. 

He said Moneyfarm, founded in 2011 by Paolo Galvani and Giovanni Daprà, made “high quality investing simple for customers” at a time when people should be taking more control of their finances.

The pair join Moneyfarm in a year which saw the team double in size since the app launched in the UK earlier this year.

The number of people using the app has rocketed by 60% in the year to date with 80,000 active accounts now signed up, the firm said.

Looking ahead to 2017, the company has plans to launch new products in both Italy and the UK.

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Louise Hill

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Louise joined Portfolio Adviser in December 2016 as one of the editorial team’s news reporters based in London. Originally from Liverpool, she is an NCTJ-qualified journalist and began her career in 2014 working on local newspapers.

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