London-based fintech company Nucoro is planning to target financial institutions in Ireland.
The third-party provider of digital investment solutions claims, “the country has one of the fastest growing wealth management sectors in Europe”.
Nucoro says there are several factors behind the strong growth in Ireland’s wealth management sector.
These include:
- An increase in the country’s population of mass affluent and wealthy citizens;
- The country has one of the fastest rates of growth in Europe;
- One of the toughest inheritance tax regimes in the world;
- An increasing pool of inter-generational wealth being transferred; and
- A rise in young investors fuelled by the number of tech and financial companies based in Ireland.
Expansion
Nikolai Hack, chief operating officer at Nucoro, said: “We have had great success in supporting a number of financial services companies with their digital wealth management services, and we are now looking to support companies in Ireland wanting to enhance or expand into this area.
“We believe Ireland’s wealth management sector will enjoy some of the biggest growth in Europe over the next few years, and we are keen to be a part of this.”
Nucoro helps wealth firms deal with issues such as client onboarding, portfolio construction and billing.
It also offers a fully automated, AI-powered wealth management platform to UK retail investors called Exo Investing.
The firm is making this technology available for financial services companies based in Ireland, but only to those that have the “ambition to truly innovate and future-proof their businesses – and are struggling to realise their digital ambitions”.
Rise of millionaires
Analysis of data by Nucoro reveals there are 77,984 millionaires in Ireland today, an increase of 32% since 2013.
The corresponding percentage increases for Germany, France and the UK are 15%,10% and 12% respectively, and 14% for Europe.
Nucoro’s analysis reveals that between 2018 and 2023, some 17,830 new millionaires could be created in Ireland, a rise of 23%.
