New Model Adviser - For Professional Investors

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Aberdeen beaten by ‘smart’ Schroders in bid for Nutmeg stake

Aberdeen beaten by ‘smart’ Schroders in bid for Nutmeg stake

Fund manager Aberdeen Asset Management was beaten to acquiring a stake in online wealth management firm Nutmeg by its rival Schroders.

Earlier this month Schroders announced it was part of a group of backers who invested a combined £18.9 million in Nutmeg.

As part of the deal Schroders executive chairman Massimo Tosato will take a seat on Nutmeg’s board.

According to the Financial Times, Aberdeen was also looking into buying a stake in Nutmeg but was beaten to it by Schroders.

Martin Gilbert (pictured), chief executive of Aberdeen, told the paper: ‘It is a really smart deal for Schroders- so smart that we were thinking of doing the deal ourselves. We wanted to get involved but Schroders beat us to it.’

Gilbert added that the deal gives Schroders a cheap way of getting to grips with the online wealth market and also gives it a strategic advantage if they wanted to buy the firm outright.

‘The new generation of investors are not going to deal with stockbrokers- they will use the likes of Nutmeg, and so the deal makes real sense,’ he said.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Comment & analysis
Investment

What does Mifid II mean for adviser outsourcing?

What does Mifid II mean for adviser outsourcing?

Adviser outsourcing soared ahead of the RDR, but the looming MiFID II directive lends fresh urgency to the question of whether advisers or outsourcing partners are responsible for suitability

Twitter