Nutmeg gains new CEO as founder steps down

Martin SteadNick Hungerford, founder and chief executive of Nutmeg, has stepped aside.

Hungerford, who founded Nutmeg in 2011, is to be replaced by chief revenue officer Martin Stead (pictured), who joined the firm last year from EDF Energy.

A spokesperson for the firm said the move was a “mutual decision” by Nutmeg’s board and Hungerford, and is part of an ongoing overhaul of the firm. As part of this shake-up, chief operating officer Phillip Bungey and managing director Lee Cowles also both left the company last month.

Hungerford himself said he felt the time was right to move aside, and he will continue to build the brand, develop new services, and the increase the firm’s presence in new markets.

Despite estimates that the robo-advice market could reach several trillion dollars in size by 2025, Nutmeg has had well-publicised issues with turning a profit to date. Its annual report for 2014 suggested the firm made a pre-tax loss of £5.2 million, on a turnover of £635,381.

The firm has also been reticent to publicise its assets under management, although a statement issued recently by the firm said it now managed “hundreds of millions” for “tens of thousands of customers”, and its customer base had grown by 37% since the start of 2016.

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