The minimum investment is $10,000, and it will charge zero annual management fees for all accounts investing over $250,000.

BVI-based Hudson James Investment Management has launched themoneypouch.com, an online wealth management service for high net worth individuals. The minimum investment is $10,000.

The Money Pouch will not charge annual management fees for all accounts investing over $250,000, the firm said in a statement.

Smaller accounts are still available with a low annual management charge of 0.04 per cent per month. The firm said it is hoping to attract quality investors with a low annual management fee, instead aligning their interests with clients with their performance fee.

The Money Pouch uses algorithms to set its portfolios and its investment portfolio is rebalanced approximately once per month, but has human management oversight to step in if there are issues in the market.

The new firm will invest in exchange-traded funds from any fund house listed on the major stock exchanges.

The firm said in a statement: “What makes this roboadvisor different is that it can choose from a wider range of ETFs than most roboadvisors. Most of the major investment houses must invest only in their own ETF fund ranges. This may hamper performance.”

Hudson James Investment Management is an investment management company regulated and licenced out of BVI with a category "type 3" asset management licence. The firm is based in Road Town, Tortola, British Virgin Islands.