Online discretionary fund manager Nutmeg has launched a high profile new advertising campaign on London Underground attacking the fund management industry.
The direct-to-consumer platform has used adverts depicting fund managers as “fat cats”, adding that its own DFM proposition has no hidden charges.
The advert, which features the slogan “Does your investment manager skim off a fortune?” began featuring on all London underground lines this week, having launched on selected lines last week.
The firm is targeting investors with assets between £30,000 and £100,000.
Its charges range from 1 per cent for assets of £1,000 to 0.3 per cent for assets of £500,000 and above.
Nutmeg chief marketing officer Iqbal Gandham says: “We think there should be a move towards transparency of charges in the industry and that is what we think Nutmeg offers to investors through our service.
“We think we will begin to see more and more services similar to Nutmeg launching in the coming year.”
Nutmeg, which launched in October 2012, says it will publish performance figures for its service in the next three weeks.
The Platforum managing director Holly Mackay says: “The development is the latest reference point in financial services firms’ search for the customer focused centre of gravity.
“There is a role for this kind of shock marketing and I think we will see more. But the long-term bigger challenge is not how to grab your competitor’s client but how to get more people saving and investing.”