D2C online discretionary manager Nutmeg has posted a £3.7m pre-tax loss for 2013 as it prepares to target older investors in a bid for growth.
The company’s annual accounts reveal the fledgling business achieved operating turnover of £103,903 during the year, with operating expenses of £3.8m.
Nutmeg director Nick Hungerford says the firm will expand its product offering in a bid to appeal to a wider range of investors.
He says: “The core product is well suited to first time investors.
“The core product is also well-suited to older investors but does not cover all their investment needs. As older customers are typically wealthier, this is an attractive market segment and we are planning to add income products and a pension that offers a high degree of flexibility.”