Nutmeg, the UK’s first digital wealth manager, today announces it closed 2019 managing over £2bn (€2.34bn) in assets for nearly 80,000 UK investors as the company moves into the next phase of growth.
Nutmeg has today announced that it is the first digital wealth manager in Europe to reach £2bn (€2.34bn) in assets under management (AUM) on the back of 41% year-on-year growth. Continued strong growth in the last 24 months has seen the company maintain its position as market leader in the digital wealth management sector in Europe:
- a 60% increase in customers to almost 80,000 since reaching £1bn AUM in November 2017
- increase year-on year AUM by 41%, significantly outperforming the sector as a whole, which has grown by 13% over the same period
- become the UK’s fastest growing wealth manager and the fifth largest wealth manager in the UK by customer numbers
- largest digital wealth manager in the UK, with 36% market share.
Neil Alexander, chief executive officer, Nutmeg, said:
“Surpassing £2bn AUM is a significant milestone, not only for us – in part, because we are the first digital wealth manager in Europe to do so – but for the sector as a whole. As many more people look at how technology can help them with their finances, our continued growth demonstrates the growing popularity of the Nutmeg business model. Helping our customers to achieve their financial goals is at the heart of our business, and we’re proud to be providing investment and financial advice services to large proportions of the population who have been under-served by the traditional incumbents for far too long.”
Committed to its mission to democratise wealth management, Nutmeg continues to innovate within the discretionary investment management and financial advice industry:
- working with a leading provider of ESG data and analytics to become the first UK wealth manager to provide environmental, social and governance scores for its entire investment range
- agile approach to product developments enabled the business to be the first UK wealth manager to facilitate contributions via Apple Pay and Google Pay
- developing digitally-enabled personalised financial advice and planning services
- harnessing its proprietary technology to be the first digital wealth manager to launch in Asia, through a partnership with Taipei Fubon Bank
- Nutmeg’s fully managed portfolios have outperformed the industry benchmark by up to 11.7% net of costs over seven years, while its socially responsible portfolios have outperformed the industry benchmark by up to 4.9% over the first year 6.
Neil Alexander, CEO, Nutmeg, said:
“Seven years after launch, our tech-first alternative to traditional wealth managers and DIY platforms has transformed the investment landscape. We know how important it is to help customers in many aspects of their life, that’s why we offer a range of services, such as financial advice, bespoke high net worth and B2B services, alongside our flagship discretionary investment service. As part of our continued commitment to the UK D2C market, we are pleased to announce that our future developments will include the Nutmeg Junior ISA (JISA). There’s major demand for this from our customers that we take seriously, and we are set to launch the Nutmeg JISA imminently, which delivers on our mission to empower generations of investors – while helping them to plan finances around their family.”
“We are proud of what we have achieved so far at Nutmeg, but there is much more to do. We’re focused on providing our customers with new products, enhanced features and improved services, and further B2B expansion, in order to help many more millions of people achieve their big goals in life.”