The story behind Nutmeg's rise to £1 billion

May 2012

Ex-Brewin director launches online wealth business

Brewin Dolphin divisional director Nick Hungerford founded the online investment company with aim of creating ‘the Facebook of finance’.

January 2014

Saracens chairman Wray takes 'significant' stake in Nutmeg

Nigel Wray, the serial entrepreneur and chairman of Saracens rugby club, took a 'significant' stake in Nutmeg.

June 2014

Aberdeen loses to ‘smart’ Schroders in Nutmeg deal

Fund manager Schroders invested in Nutmeg. Schroders is part of a group of high-profile backers who have invested a combined £18.9 million in the robo-adviser. The group also included Carphone Warehouse founder Charles Dunstone and Icap chief executive Michael Spencer.

Schroders executive chairman Massimo Tosato took a seat on Nutmeg’s board, with Aberdeen choosing not to invest.

July 2014

Nutmeg plans pension launch as it puts £19m to work

Nutmeg announced it would use the £18.9 million it has attracted from high-profile backers to double headcount and launch a pension product.

September 2014

Nutmeg posts £3.6m loss as it invests for future

Nutmeg saw losses almost double to £3.6 million in 2013, as the business invested substantial sums in infrastructure to build a scalable business.


February 2015

Nutmeg aims to shake up Sipps with pension launch

Nutmeg was to take on the likes of Hargreaves Lansdown in the Sipp market with the launch of a pension product.

The online discretionary manager launched of its personal pension service, which is available for a minimum investment of £5,000.


November 2015

Nutmeg suffers client data breach

A number of Nutmeg customers’ personal data was emailed to the wrong people due to a systems glitch.

The error was due to a fault in the online investment website's coding and affected 32 customers.

February 2016

Nutmeg cuts charges and simplifies fee structure

Nutmeg cut its management fees across the board and reduced the number of fee bands from six to four in an effort to simplify its charging structure.



March 2016

Nutmeg gets green light for advice plans

The Financial Conduct Authority (FCA) granted online investment manager Nutmeg permission to carry out regulated advice.

March 2016

Nutmeg slashes minimum investment by 50%

Nutmeg cut its minimum investment requirement to £500 from £1,000

May 2016

Nutmeg names new CEO as Hungerford steps down

Nutmeg named Martin Stead as its new chief executive officer as Nick Hungerford took up a non-executive director role.

May 2016

Nutmeg waives management fee for Lifetime ISAs

Nutmeg waived the portfolio management fee for new customers planning to invest in its Lifetime ISA (Lisa) wrapper ahead of their launch in April 2017.

June 2016

Nutmeg appoints COO and commercial director

Nutmeg appointed Bill Packman as chief operating officer (COO) and Catherine Prentke as commercial director.

October 2016

Nutmeg eyes fresh capital injection as losses widen to £9m

Nutmeg losses widened to £8.9 million in 2015. This represented a steep increase on the £5.3 million and £3.6 million loss the online wealth firm incurred in 2014 and 2013, respectively.

November 2016

Nutmeg raises £30m and forms key Asian strategic alliance

Nutmeg raised a further £30 million from investors and formed a strategic partnership with a leading Asian advice firm.

Hong Kong’s largest independent financial advisory firm, Convoy, provided the bulk of the latest investment, pumping £24 million into Nutmeg.

December 2016

Nutmeg reveals AUM as it raises another £12m

Nutmeg attracted an additional £12 million from investors and revealed its assets under management for the first time.

The cash injection came entirely from Taipei Fubon Bank (TFB), a subsidiary of Taiwan’s second largest financial services firm Fubon Financial Holdings.

Nutmeg, at the time, had attracted a total of £71 million over five years.

January 2017

Nutmeg to overhaul fee structure and launch fund range

Nutmeg reformed its fees and launched a new fund range as it put the total £42 million it raised from investors in 2016 to work.

July 2017

Nutmeg partners with challenger bank

Nutmeg collaborated with digital challenger bank Fidor for a fintech service launching into the UK.

The online wealth firm joined peer-to-peer lender Seedrs as the inaugural partners for the service, which provides UK customers with an extensive suite of fintech products and services, alongside alternative investment opportunities.

October 2017

Nutmeg loss widens to £9.3m as it plans major UK push

Nutmeg's 2016 losses widened to £9.3 million as it continued to invest heavily in its UK business.

The figure, revealed in its accounts to December 2016 published at Companies House, followed the £8.9 million loss it posted in 2015. Its operating expenses rose from £10.8 million to £11.9 million over the year.

November 2017

Nutmeg hits £1 billion on client surge

Nutmeg's asset under management rose above £1 billion on the back of a surge in customers.

Client funds have near doubled year-on-year, rising 93%, Nutmeg said at the time.