Online wealth manager Nutmeg is aiming to treble its user base in the coming months as it seeks to get up to scale after posting a loss for 2013.
The group recorded a £3.6m loss last year, following on from a £1.8m loss in 2012, annual accounts released this month show. But Nutmeg said it had beaten “demanding business targets” in its first full year in the wealth management space. The group raised £19m from investors including Schroders this June, and Nutmeg CEO Nick Hungerford (pictured) told Investment Week that profitability remains several years away as the business continues to invest for growth. “[Profitability] is two to three years away yet; we will continue to invest very heavily in our product development and the tea...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
