Online real estate investment platform Engel & Völkers Digital Invest (EV Digital Invest) has acquired Berlin-based digital wealth manager Wevest for an undisclosed sum.
The digital wealth management company is authorised for investment brokerage, investment advisory and portfolio management services.
Founded in 2017, Wevest offers customised ETF investments, individual wealth management and access to crypto assets. As at the end of 2022, Wevest managed client assets of approximately €64m (£55m, $69m).
EV Digital Invest said the purchase would enable it to expand its digital product and service offering, as part of the growth strategy the firm announced at the time of its IPO in 2022.
Wevest’s BaFin licence will enable EV Digital Invest to expand its product portfolio, in particular by introducing tokenised bonds. This will allow it to undertake real-estate projects of up to €8m.
The acquisition will combine the companies’ expertise in digital wealth management and digital real-estate investments using blockchain technology.
‘Digital alternative to classic private bank’
Marc Laubenheimer, co-chief executive of EV Digital Invest, said: “The acquisition of Wevest opens up further growth potential for us. Its competencies and the licenses it holds will enable us to significantly expand our product range and services.
“We will be able to offer investors the entire range of self-directed individual investments, starting from €100 up to completely customised discretionary wealth management.”
Björn Siegismund, Wevest chief executive said: “EV Digital Invest and wevest will stand out from the competition thanks to the combination of expertise, state-of-the-art technology and professional investment strategies. Jointly, we are creating a digital alternative to the classic private bank.”
Tobias Barten, co-chief executive of EV Digital Invest said: “We are also pleased to strengthen our longstanding successful partnership with Engel & Völkers Marken GmbH & Co KG. It has been agreed that we will be able to use the Engel & Völkers brand in our acquisition of wevest, which will allow us to offer real-estate investment products as part of this brand.”
Barten also said that the new brand of Digital Invest Assets would be used for investment products unrelated to real estate.
