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7IM poaches Nutmeg’s Bungey for COO role


Seven Investment Management has appointed Nutmeg’s Phillip Bungey as its chief operating officer.

He replaces Hazel Paton who is retiring from 7IM after nine years.

Bungey had been COO at Nutmeg since 2014. He has previously been the founder of platform Winterflood Securities and held senior management and director roles at the likes of Barclays, UBS and Lloyd’s of London.

He also worked with 7IM’s founders Tom Sheridan and Justin Urquhart Stewart at Barclays Stockbrokers.

7IM chief executive Sheridan says: “Phil is joining at a great time in 7IM’s journey.

“We have a terrific array of development plans and there are very few in the market with Phil’s ability to deliver. Phil is going to bolster an already strong management team and give us every opportunity to be a leader in the Fin Tech revolution happening in financial services.”



Nutmeg slashes minimum investment to £500

Nutmeg has halved its minimum lump sum investment from £1,000 to £500. Customers can now set up a portfolio with £500, provided they invest £100 per month for portfolios of less than £5,000, the online investment manager says. The cost of this service is a single annual management fee of between 0.3 per cent and […]

Nutmeg customers hit by data glitch

Customers of online investment manager Nutmeg have had their personal details and suitability reports sent to the wrong people. The firm says 32 customers were affected by the breach in which their names, addresses and investment details were emailed to the wrong people following a “technical error”, the FT reports. Nutmeg says bank details were […]


Nutmeg makes £5.3m loss

Nutmeg has reported a £5.3m pre-tax loss for 2014, compared to a £3.6m loss the previous year. The online discretionary investment manager reported a turnover of £635,381 for the year, up from £103,903 in 2013. The results say the company may require further cash injections to continue to develop and market its product offering, and […]

Nutmeg unveils product plans ahead of advice launch

Nutmeg has revealed ambitious plans for its future product offerings following the firm’s decision to enter the advice market. The direct-to-consumer online discretionary manager is planning to develop a drawdown offering to go alongside its existing personal pension accumulation product, as well as ethical and social investing vehicles and joint accounts for married couples. The […]

Graphic content – December; the countries most exposed to a rise in protectionism

President-elect Trump has suggested withdrawing from the North American Free Trade Agreement (NAFTA) and ending negotiations over the Trans-Pacific Partnership (TPP), albeit there is considerable uncertainty over what he will, or even can, do. If one of the main consequences of the election of Donald Trump is US protectionism, it’s worth considering who stands to […]


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