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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.

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