Nutmeg to cut fees and launch low cost products

As competition intensifies

Robo-adviser Nutmeg is to cut fees and launch a new range of low-cost products next week in order to attract more customers.

From Monday annual fees on the platform's ready-made investment portfolios will drop to 0.35% from 0.5% for investors with more than £100,000, the FT reported.  The move will apply to existing customers as well as new ones, although existing customers with very high value portfolios will retain their existing fee structure. Customers with less than £100,000 to invest will pay 0.75% a year, while those with more than £500,000 will stay on their same annual management fee of 0.3%. Existing customers will be moved to the new fee structure if the new charges are cheaper than the curren...