Nutmeg CEO to step down

Nutmeg CEO to step down

UK robo-adviser Nutmeg has announced its chief executive Martin Stead is to step down early in the new year.

Stead, who joined Nutmeg in 2015 and has been its CEO since 2016, will be replaced by chief financial and operating officer, Jason Alexander.

This comes shortly after Shaun Port, Nutmeg's chief investment officer, left the firm to become a managing director at JPMorgan.

The digital wealth manager announced losses for 2018 of £18.6m in October, from £12.4m the year before, despite managing some £1.8bn in assets.

Stead has maintained that it has not been part of Nutmeg's business plan to be profitable as yet, with a long-term goal of profitability by 2022.

In an effort to meet this target, the company recently announced plans to pivot its offering beyond a pure digital wealth management platform, by providing additional human-led advice and financial planning services.

Nutmeg has attracted investment from the likes of Goldman Sachs, the US investment bank leading a £45m funding round in February of this year.

The funds have been poured into ongoing technological innovation and global expansion, with plans to launch in Hong Kong, home of its other principal investor, Convoy.


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