Investment chief quits Nutmeg

Investment chief quits Nutmeg

Nutmeg's chief investment officer is leaving the business to join "one of the biggest and most well-known financial services firms in the world". 

Shaun Port joined the robo-adviser in 2012, a year after its inception, tasked with creating low-cost investment portfolios which could be accessed by investors with as little as £100. 

Chief executive Martin Stead credited Mr Port with recruiting the "best and brightest minds from the worlds of exchange traded funds, trading and wealth management" to join Nutmeg and helping the robo-adviser "disrupt a stuffy old industry". 

He added his former recruit would soon be working for "one of the biggest and most well-known financial services firms in the world".

In a video posted on Nutmeg's website, Mr Port said: "I joined Nutmeg in 2012 to democratise wealth management, to offer our service to everyone rather than just the very wealthy. 

"Over the past seven years we've attracted the best and brightest talent, assembling a team of investment managers, analysts and traders who manage your investments. Now with an experienced investment team in place I'm sadly leaving Nutmeg to embark on a new challenge. 

"I'm incredibly proud of what Nutmeg has achieved over the last seven years, leading innovation in the wealth management industry. As a Nutmeg shareholder, but also as a Nutmeg customer, I'm really excited to see what comes next." 

Mr Stead added: "It is with mixed emotions that we say goodbye to Shaun: when he joined, there were six people in a dilapidated office in Vauxhall, which has since been demolished, [and] we’re now a thriving fintech business with 180 people in the refurbished Marmite Factory, still in Vauxhall.

"..the investment strategy was yet to be designed, now our experienced investment team run over 100,000 client portfolios in the UK and Taiwan; Shaun was our 100th customer, now we serve over 75,000 customers in the UK alone." 

In September the robo-adviser launched its unregulated guidance service, available to consumers at half the cost of its regulated advice service. 

In light of a growing number of customers favouring "a straightforward view" of their financial position, Nutmeg launched the service allowing clients to build a plan with a financial coach for £275 inclusive of VAT.

This compared to comprehensive financial advice available with the company for £575 inclusive of VAT.  

Its latest accounts showed the digital wealth manager spent £3 acquiring each new £1 of revenue in the year to the end of December 2018, and ultimately lost £18m during the year. 

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