Industry heavyweights from Barclays, RBS and Coutts back new personal investment robo-adviser Pia

Big-name former executives from institutions such as Barclays, HSBC and Coutts are behind a new startup aiming to help consumers navigate the world of investing.

Pia, an online “personal investment assistant” scheduled to begin its launch in summer, counts advisory board members such as T Rowe Price Global Investment Services’ former chief executive Todd Ruppert, Coutts’ former managing director Gayle Schumacher and an unnamed former chief executive of Barclays Wealth.

The app uses artificial intelligence to create a virtual assistant, which can help consumers understand and choose investment products and services ranging from share trading platforms to online wealth managers to crowdfunders.

“I am impressed with the team Lex has assembled and envision a future where education and machine learning combine to help retail investors decide how and where to invest,” said Ruppert.

“Aggregating such a wide array of investment and service information in one place also promises to help consumers save time whilst advancing levels of knowledge and transparency.”

The full app is due to launch this autumn, after the beta launch for members in summer.

Read more here.