In a market crowded with financial advice platforms, Investec has canned its UK-based robo-advice business, Click & Invest, following two years of losses, saying market acceptance lagged the fin-tech hype.
Of course, the biggest part of simplifying the business is the demerger of Investec Asset Management from the group, leaving the Specialist Banking and Wealth Management businesses as the core. A year is not a long time for this transition. Fortunately the Bank and Wealth business and IAM have evolved separately and linkages between the two are limited. The complexity lies with the regulators, and even here the firm says it is on the final straight.
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