Nutmeg, the UK鈥檚 first digital wealth manager, today announces it closed 2019 managing over 拢2bn (鈧�2.34bn) in assets for nearly 80,000 UK investors as the company听moves into the next phase of growth.听
Nutmeg has today announced that it is the first digital wealth manager in Europe to reach 拢2bn (鈧�2.34bn)听in assets under management (AUM) on the back of听41%听year-on-year growth. Continued strong growth in the last 24 months has seen the company maintain its position as market leader in the digital wealth management sector in Europe:
- a 60% increase in听customers听to almost 80,000听since reaching 拢1bn AUM in November 2017
- increase year-on year AUM by听41%,听significantly outperforming the sector as a whole, which has grown by听13% over the same period听
- become the UK鈥檚 fastest growing wealth manager and the fifth largest wealth manager in the UK by customer numbers
- largest digital wealth manager in the UK, with听36% market听share.
Neil Alexander, chief executive officer, Nutmeg, said:听
鈥淪urpassing 拢2bn AUM is a significant milestone, not only for us 鈥� in part, because we are the first digital wealth manager in Europe to do so 鈥� but for the听sector as a whole. As many more people look at how technology can help them with their finances, our continued growth听demonstrates听the听growing听popularity of the Nutmeg business model. Helping our customers to achieve their financial goals is at the heart of our business, and we鈥檙e proud to be providing investment and financial advice services to large proportions of the population who have been under-served by the traditional incumbents for far too long.鈥�
Committed to its mission to democratise wealth management, Nutmeg continues to innovate within the discretionary investment management and financial advice industry:
- working with听a听leading provider of ESG data and analytics to become the first UK wealth manager to provide environmental, social and governance scores for its entire investment range
- agile approach to product developments enabled the business to be the first UK wealth manager to facilitate contributions via Apple Pay and Google Pay
- developing听digitally-enabled听personalised financial advice and planning services
- harnessing its proprietary technology to be the first digital wealth manager to launch in Asia, through a partnership with Taipei Fubon Bank
- Nutmeg鈥檚 fully managed portfolios have outperformed the industry benchmark by听up听to听11.7% net of costs over seven years, while its socially responsible portfolios have outperformed the industry benchmark听by听up to听4.9% over the first year听6.
Neil Alexander, CEO, Nutmeg, said:
鈥淪even years after launch, our tech-first alternative to traditional wealth managers and DIY platforms has transformed the investment landscape. We know how important it is to help customers in many aspects of their life, that鈥檚 why we offer a range of services, such as financial advice, bespoke high net worth and B2B services, alongside our flagship discretionary investment service. As part of our continued commitment to the UK D2C market, we are pleased to announce that our future developments will include the Nutmeg Junior ISA (JISA). There鈥檚 major demand for this from our customers that we take seriously, and we are set to launch the Nutmeg JISA imminently, which delivers on our mission to empower generations of investors 鈥� while helping them to plan finances around their family.鈥�
鈥淲e are proud of what we have achieved so far at Nutmeg, but there is much more to do.听 We鈥檙e focused on providing our customers with new products, enhanced features and improved services, and further B2B expansion, in order to help many more millions of people achieve their big goals in life.鈥�
