Nutmeg hits £1bn mark as it doubles customers in 12 months

The firm was the first online wealth manager in the UK when it launched in 2012 and is also the first to hit the £1bn mark. In January, the firm dropped its prices in a bid to attract more customers. Investors with up to £100,000 now pay an annual fee of 0.45% in a fixed allocation portfolio while those investing in its fully managed model pay 0.75%. Nutmeg managed approximately £600m of assets on behalf of 25,000 customers as at 31 December 2016. It now has almost 50,000 clients. Despite the significant increase in assets under management and customers the firm revealed in October...