Nutmeg CEO to Step Down

Nutmeg CEO to Step Down
20.12.2019 04:44 am

Nutmeg CEO to Step Down

People Moves

UK robo-adviser Nutmeg has announced its chief executive Martin Stead is to step down early in the new year.

Stead, who joined Nutmeg in 2015 and has been its CEO since 2016, will be replaced by chief financial and operating officer, Jason Alexander.

This comes shortly after Shaun Port, Nutmeg's chief investment officer, left the firm to become a managing director at JPMorgan.

The digital wealth manager announced losses for 2018 of £18.6m in October, from £12.4m the year before, despite managing some £1.8bn in assets.

Stead has maintained that it has not been part of Nutmeg's business plan to be profitable as yet, with a long-term goal of profitability by 2022.

In an effort to meet this target, the company recently announced plans to pivot its offering beyond a pure digital wealth management platform, by providing additional human-led advice and financial planning services.

Nutmeg has attracted investment from the likes of Goldman Sachs, the US investment bank leading a £45m funding round in February of this year.

The funds have been poured into ongoing technological innovation and global expansion, with plans to launch in Hong Kong, home of its other principal investor, Convoy.

Related News

Exberry Expands Advisory Board With Appointment of Exchange Modernizer Tony Mackay

Exberry, the exchange technology pioneer, has today announced that leading-edge financial markets’ visionary, Tony Mackay, has joined its Advisory Board. Tony... Read more »

OneSpan Welcomes Former Head of Oracle Identity Cloud Service as CTO

OneSpan™ (NASDAQ: OSPN), the global leader in securing remote banking transactions, today announced the appointment of Ajay Keni as its... Read more »

Glassdoor Names Sage’s Steve Hare as Highest Rated CEO in the UK During COVID-19 crisis

Sage, the market leader in cloud business management solutions, announced today that Steve Hare, CEO, has been recognised by Glassdoor for... Read more »

Qontigo Names Rodolphe Bocquet as Global Head of ESG

Qontigo today announced the appointment of Rodolphe Bocquet as Global Head of ESG, effective as of September 22, 2020. In this newly... Read more »

Delta Capita Appoints Sarah Carver as Head of Digital

Delta Capita, a global provider of managed services, fintech solutions and consulting, announced that it has appointed Sarah Carver as its new... Read more »

London-based Copper Secures Next Phase of Global Expansion, Appointing Three New Senior Executives Internationally

Copper, the London-based digital asset infrastructure provider, today announced the appointment of three new senior executives to lead the company’s... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel