Nutmeg cuts six directors from board

Corporate-Finance-Business-Businessmen-Hire-Appointment-700x450.jpgDigital wealth management and advice firm Nutmeg has cut six members from its board in an effort to “streamline” its management team.

The six members of its executive board made up more than half the total 11 individuals that made up the group, and only three new members are being bought on to replace them.

Former Nutmeg chief executive and co-founder Nick Hungerford stepped down last Friday as part of the reshuffle, along with current chief investment officer Shaun Port.

Port will continue in the position of chief investment officer which he has held since 2012, but will no longer sit on the firm’s board.

Non-executive directors Daniel Aegerter and Nicholas George, who have both been on the board for seven years also stepped down last Friday, along with directors Tim Bunting and Meng Huang.

Nutmeg advice boss on where guidance stops and planning starts

Speaking to Money Marketing Nutmeg chief executive Martin Stead says the firm is “streamlining” ahead of its expansion plans and will bring three new directors on board as replacements.

The reshuffle will leave eight members on the Nutmeg board.

Stead says: “Over the past three years Nutmeg has transformed from start-up to scale-up, growing to become the fifth largest wealth manager in the UK. As well as continuing to scale our UK retail business, this year we will also launch our business-to-business 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.

“Therefore, we are welcoming three new experienced directors to our board, who will join five existing directors, and six directors have stepped down.”

The business has seen a raft of activity lately following the launch of its flat-fee advice service four months ago.

Nic Cicutti: Nutmeg’s new advice service is taking consumers for a ride

This includes debut of a 100 per cent cash option for its stocks and shares Isa and the launch of a new environmental, social and governance-focused portfolio range.

Nutmeg also secured £45m in a Goldman Sachs funding round for planned international expansions in January.

Despite being the biggest Europe’s robo-adviser, Nutmeg reported £12.4m loses for 2017, up from £9.4m the year before.

Recommended

Business-Handshake-General-Hire-Appointment-700x450.jpg
1

SJP-owned DFM poaches ex-Cofunds chief

David Hobbs, Aegon’s managing director investments and former chief executive of Cofunds, is leaving the company to head St James’s Place-owned discretionary fund manager Rowan Dartington. Hobbs was previously chief executive of the Legal and General-owned Cofunds platform before it was acquired by Aegon in 2016. He will take on the role of chief executive […]

The Wells Street Journal: Bullsh*t bingo and an overwhelming choice

A weekly account of the curious goings-on in the world of financial services Introducing bullsh*t bingoFNZ-backed technology provider Advicefront has debuted a list of acronyms and words that advisers dislike, helped by the ever-amusing Alistair Cunningham of Wingate Financial Planning. Dubbed “bullsh*t bingo”, the list includes regulators and bodies including the FCA, Financial Ombudsman Service, […]

London Thames

And the winner of the Brexit City exodus is….?

Dublin is the winner of the City’s financial services Brexit relocation plans, according to a report by think tank New Financial. The paper examines the impact of Brexit on the City and the wider banking and finance industry and finds nearly 275 financial services firms re-located at least part of their business and set up […]

Money-Cash-Coins-GBP-Pounds-UK-700x450.jpg
103

How much are advisers charging for pension transfers?

Defined benefit pension transfer charges are being put under the microscope again as the regulator turns over more potential conflicts of interest. With the British Steel Pension Scheme the latest to dominate headlines and the FCA ready to interrogate further as it extends its review to include all firms authorised to give pension transfer advice, […]

Pensions - thumbnail

Auto-enrolment — don’t leave it too late…

With auto-enrolment (AE) well under way for the UK’s largest businesses, over the next three years an additional 800,000 smaller employers (with less than 60 employees) will start their journey to comply with the legislation. AE mandates all eligible employees and their respective employers to make regular pension contributions into a qualifying pension scheme. To learn more about the legislation read our brief Jelf AEase — simple steps to AE compliance guide.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com