Nutmeg has received 12 million British pounds ($14.74 million) in capital from investor Taipei Fubon Bank; the 12 million British pound fundraise follows a Series C fundraising round in November led by Convoy Global Holdings; the funding will help to support the firm's rapid growth; assets under management for its robo advisor service have been increasing significantly and are now at approximately 600 million British pounds ($736.85 million); success has been driven by demand for its discretionary investment management service which also offers low fees. Source
The UK’s biggest robo-advisor has seen assets under management grow to over $798mn and customers exceed 25,000 at the end of 2016; however the company also reported a 5 percent increase in losses and a 10 percent increase in operating expenses; building up scale to eventually make money looks to be the biggest challenge for the growing fintech company. Source.
The UK-based, wealth management company, raised £30 million to help expand their product offering across the UK; investors include Convoy, a Hong Kong-listed firm of independent financial advisers, as well as existing backers Schroders, Balderton Capital, Pentech, Armada Investment Group and Nigel Wray; the funding is subject to the approval of the Financial Conduct Authority. Source
Nutmeg will offer clients five portfolio options with automated rebalancing to client risk profiles; platform is also updating its fees to a two tiered fee structure; new fees are 75 bps on the first 100,000 British pounds ($120,310) and 35 bps on anything above that; the individual investment strategies also include fees ranging from 13 to 22 bps; the changes follow private market capital investment of 42 million British pounds ($50.53 million) in 2016. Source
Lisa Caplan from Nutmeg provides insight on investing in individual savings accounts (ISAs); reports on six myths that keep UK investors from investing in ISAs; notes the tax free advantages of investment in ISAs up to the allowance limit of 15,240 British pounds ($18,588) and the allowance limit increase to 20,000 British pounds ($24,394) beginning in April. Source