Nutmeg grew its AUM to £3.5bn, but losses totalling more than £80m have cast doubts on whether the firms’ robo-advice feature is pioneering, or quite simply just a failed and expensive experiment.
A decade ago, Nutmeg was created with an ambitious goal of aiming to democratise wealth management. Since then, it has raised more than £100m to grow assets under management (AUM) to £3.5bn and build a 140,000-strong client base. Now the firm will become wholly owned by JP Morgan Chase and form the foundation of its digital wealth management outside the US, complementing the launch of Chase as a digital bank in the UK later this year. The fee for the robo-adviser was not officially disclosed but Wall Street Journal reports a sum of between £500m and £1bn, while The Times believes it to b...
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