The UK’s largest robo-adviser Nutmeg has restructured its board with six members stepping down.
The digital investment service confirmed to New Model Adviser® it has changed the make-up of its board to support a period of ‘new challenges’.
The restructure will see Nutmeg’s newest investor Goldman Sachs take a seat on the board, with two other new arrivals.
Among the departures are Shaun Port, although he will carry on as the firm’s chief investment officer. Also stepping down is Nutmeg’s co-founder Nick Hungerford (pictured), who stepped back running the business in 2016, along with:
- Tim Bunting, Balderton Capital’s representative on the Nutmeg board;
- Dan Aegerter, founder of Armada Investment;
- Nicholas George, who has previously held positions at JPMorgan and HSBC, and;
- Meng Huang.
Martin Stead, Nutmeg’s chief executive, said the changes to the board, which will see three new directors join, are part of the firm’s new growth strategy.
‘As well as continuing to scale our UK retail business, this year we will also launch our B2B offering and expand internationally. To support the company through a period of new challenges, we have created a streamlined board to provide strong independent governance and oversight, while also representing the interests of a range of shareholders,’ he said.
‘Therefore, we are welcoming three new experienced directors to our board, who will join five existing directors, and six directors have stepped down, creating a new streamlined board of eight directors. I would like to thank all outgoing directors for their dedication and service, and for the roles each and everyone of them has played in helping Nutmeg realise its ambition.’
In January, Goldman Sachs bought a stake in Nutmeg which valued the robo-adviser at £245 million.
Along with this fundraising, Rana Yared from Goldman Sachs is joining the Nutmeg board. She joins new entrants in Roman Cheng, from Taipei Fubon Commercial Bank and start-up investor William Reeve.