British fund manager Schroders has, reportedly, invested in online wealth manager Nutmeg in return for a stake in the business.
The Financial Times quoted Massimo Tosato, executive vice-chairman of Schroders as saying that the asset manager wanted to participate in Nutmeg’s "next stage of growth" and that the move was "an interesting financial investment in an innovative and fast-growing online wealth management business".
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Nutmeg is planning to use the capital raised primarily on customer acquisition and product development, according to the publication.
The other group of investors backing the wealth manager includes Charles Dunstone, founder of Carphone Warehouse, and Michael Spencer, chief executive of ICAP, the world’s largest interdealer broker.
Both Tosato and Tim Bunting, a general partner of Balderton, are joining the Nutmeg board, the FT report added.
Nutmeg was founded in 2012 by Nick Hungerford, a Stanford MBA with a blue-chip wealth management background, and William Todd, a financial services software expert.
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By GlobalDataThe firm has more than 35,000 registered users, with customer acquisition in the first quarter of this year up 350% on the same period last year.
