French asset manager Amundi has acquired 100% of Finventum, the Austria-based fintech which owns the robo-advisory platform Savity Vermögensverwaltung.
Regulated and licensed in Austria, the platform offers digital asset management services to retail investors.
The acquisition, for which no financial details were disclosed, has been made through Amundi Technology, the firm’s tech arm, which was set up in March 2021 to rival BlackRock’s Aladdin business.
According to Amundi, the purchase of Savity is designed to meet the growing need for digitalised financial services in Austria, especially digital portfolio management.
Amundi chief operating officer Guillaume Lesage said that the acquisition “enhances the Amundi Technology footprint in the B2B sector”.
It is also another example of a global fund manager buying their way into the robo-advisory sector.
In February, UBS bought US-based Wealthfront for $1.4 billion, and in January, M&G teamed up with Moneyfarm to launch a digital wealth platform in the UK.
Meanwhile, JP Morgan bought robo-advisor Nutmeg in June 2021 to head up its wealth management service outside the US.
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