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StashAway, the first Dubai Financial Services Authority licensed digital wealth manager with retail endorsement, and Southeast Asia's largest and fastest-growing digital wealth manager for both retail and professional investors, has announced that they're managing more than US$1billion.
Since StashAway first launched its services in 2017, numerous wealth managers in Southeast Asia and MENA have emerged. StashAway is the first digital wealth manager in any of those regions to announce that it manages more than $1 billion USD. StashAway has surpassed US$1B in assets under management in 42 months, faster than it took the world's largest digital wealth managers, Betterment and Wealth front to reach the same milestone.
Michele Ferrario, Co-founder and CEO of StashAway says, "When the company was founded, our objective was to significantly improve the way people build their wealth. For those who do invest their savings, traditional investment options just weren't acceptable. But we knew that cash in the bank is actually our biggest competitor: in MENA, 45% of financial wealth is held in bank deposits, compared to 14% in North America. That's why we've always focused not only on sophisticated investment principles and a great customer experience, but also financial education to help more people understand how to better manage and grow their wealth. This relationship with our clients and the public has been a key to our fast growth."
One of the keys to attracting so much in assets has been StashAway's ability to generate such strong returns even through the last few years' volatility: through 2 market corrections in 2018 and a market crash in 2020, StashAway portfolios generated annualised returns* ranging from 17.1% (for its highest risk portfolio) to 5.3% (for its lowest-risk portfolio) since it launched in July 2017. In 2020 alone, the portfolio returns ranged from 24.1% to 5.2% for those same portfolios, and consistently outperform their same-risk benchmarks.
The World Economic Forum recognised StashAway in 2020 as a Technology Pioneer for developing cutting edge technology and "contributing greatly to improving the state of the world."
Ramzi Khleif, General Manager of StashAway in MENA adds that "Reaching this $1 billion USD milestone in less than 4 years is only one of the many signs we see that Asia and MENA truly want a better way to create wealth: We see high conversion rates, large consistent deposits, and engagement with our educational content, for example. We're still only scratching the surface for what's possible when it comes to transforming wealth creation in Asia and MENA."
*As of the End of December 2020, returns in USD. Past performance is not a guarantee for future returns. Before investing, investors should carefully consider investment objectives, risks, charges and expenses, and if need be, seek independent professional advice.
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