Citywire for Financial Professionals
Stay connected:

View the article online at

Nutmeg founders launch new venture with big backers

Nick Hungerford and William Todd have attracted backing from former Lloyds chair Victor Blank for their new firm.

Nutmeg founders launch new venture with big backers

Nick Hungerford and William Todd, founders of online wealth managers Nutmeg, are set to return with a new venture that has received backing from Victor Blank, the former chairman of Lloyds, and Saracens rugby club owner Nigel Wray.

The new business, which has temporarily been named Hulgrave, aims to provide investors with greater transparency and monitoring tools for their portfolios.

Hulgrave’s advisory panel will feature Standard Life Aberdeen co-chief executive Martin Gilbert, Schroders’ ex-vice-chairman Massimo Tosato and economist John Kay.

Hungerford (pictured) said the company’s primary objective was to help individuals to understand how their investments were performing and monitor them on an ongoing basis.

‘The team has centralised on a mission, which is to provide transparency and control for the 21st century investor,’ Hungerford said.

The team has not decided on a final business model or name yet. They are currently testing demand for investment consultancy services offered both online and face-to-face to individuals, endowments, trusts, charities and businesses. These services include a review of a portfolio’s returns, its risk and fees, ongoing monitoring and benchmarking.

Hungerford, who launched Nutmeg alongside Todd in October 2012, hopes the new company can work with individuals and wealth managers.

‘We are involved in early stage discussions with wealth managers about how we can share our insights with them about what the typical 21st century investor – aged 70 or 37 – is thinking about,’ said Hungerford.

He believes greater transparency in investment management is part and parcel of today’s environment, now that open banking and Mifid II have been introduced.

Alongside portfolios run by wealth managers, the team is considering covering other parts of the market, such as peer-to-peer lending.

Hulgrave has attracted a number of high profile shareholders so far. Aside from Blank and Wray, who also have stakes in Nutmeg, its backers include Selina Elwell, chief executive of McKinsey’s investment office MIO Partners, and Colin Burrow from Aberdeen’s private equity team.

Hungerford is serving as chairman of Hulgrave, while Todd is head of technology. The team also includes ex-Sarasin partner Rupert Tate as head of customer service and Fenchurch Advisory founder Simon Yun-Farmbrough, who is head of strategic relationships. Juan Palomares, previously an executive director at JP Morgan, is in charge of product and operations.

The advisory panel will also feature Ray Ferguson, the former chief executive of Standard Chartered in Singapore, and Babel Systems founder Steve Wise.

Hungerford said the team hoped to make a decision on the final business model in four to five months, and will look to raise money later in the year.

Hungerford stood down as chief executive of Nutmeg in May 2016. 

4 comments so far. Why not have your say?

Keith Cobby

Mar 09, 2018 at 10:17

So they don't have a name or business model, and are being backed by one of the architects of the Lloyds/HBOS fiasco.

report this

Jim S

Mar 09, 2018 at 11:56

No 'Blank cheque' jokes yet?

report this


Mar 09, 2018 at 15:21

Sounds a bit like the South Sea Bubble company "of such great secrecy that no one shall know what it is".

report this


Mar 09, 2018 at 15:58

Sounds like a case of people backing him simply because he had a success with Nutmeg. Meanwhile, he's trying to figure how to make money out of his idea.

Looks like the cart before the horse approach?

report this

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire Guide to Investment Trusts

In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.

Watch Now

Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add to your safe senders list so we don't get junked.


Pound's surge knocks FTSE on Brexit transition deal

by Daniel Grote on Mar 19, 2018 at 16:45

Sorry, this link is not
quite ready yet