Digital wealth manager Nutmeg records eighth consecutive year of losses

Digital wealth manager Nutmeg recorded losses of £21m last year as it struggled to break even for the eighth year in a row.

This comes even as total assets under management grew 41 per cent year-on-year. Nutmeg said it had “significantly out performed” the wider sector, which grew assets by 13 per cent over the same period.

While it is the eighth consecutive year the robo-adviser has made a loss, Nutmeg’s turnover improved from £7.1m to £9.2m in 2019.

Chief executive Neil Alexander said Nutmeg’s trading loss reflected the fact the wealth manager had continued to invest in the growth of the business.

Despite an increase in competition, Nutmeg remains the leading digital wealth manager in the UK with a 36 per cent share of the market. It has also grown to become the UK’s fifth largest wealth manager.

This year Nutmeg said it became the first wealth manager to offer customers the ability to top up their investments using Google Pay and Apple Pay.

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