StashAway announces Assets under Management of USD1 Billion
StashAway, Southeast Asia's reportedly fastest-growing digital wealth manager for both retail and accredited investors, has announced that the firm now boasts over USD1 billion in assets under management.
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 USD1 billion, the firm reported in a press release.
StashAway has surpassed USD1 billion in assets under management in 42 months, faster than it took the world's largest digital wealth managers, Betterment and Wealthfront to reach the same milestone, says the firm.
Michele Ferrario, Co-founder and CEO, StashAway, said: “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 Asia, 46% 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.
Freddy Lim, Co-Founder and CIO, StashAway, said: “Reaching this USD1 billion milestone in less than 4 years is only one of the many signs we see that Asia truly wants 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 Singapore, Malaysia, and MENA.”
Recommended news