Schroders backs ETF specialist Nutmeg
London-listed asset manager Schroders has joined a group of high profile investors to acquire a USD32 million stake in online exchange-traded fund (ETF) specialist Nutmeg.
The investor group includes venture capital firm Balderton, Carphone Warehouse founder Charles Dunstone and Michael Spencer, chief executive of interdealer broker ICAP.
Nutmeg, which was founded in 2012 by Nick Hungerford and William Todd, offers portfolio management services to clients with as little as GBP1,000 to invest and has 35,000 registered users.
Under the terms of the deal, both Massimo Tosato, executive vice chairman of Schroders, and Tim Bunting, a general partner of Balderton, are joining the Nutmeg board.
“We are delighted to participate in funding Nutmeg’s next stage of growth,” says Tosato. “For over 200 years, Schroders has been at the forefront of innovation and this financial investment in an innovative and rapidly growing on-line wealth management business will allow us to engage in the digital changes that are influencing the asset management industry for years to come.”
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