Fund manager Schroders has taken a stake in online wealth management firm Nutmeg.
Schroders is part of a group of high-profile backers who have invested a combined £18.9 million in the simplified discretionary service.
The group also includes Carphone Warehouse founder Charles Dunstone and ICAP chief executive Michael Spencer.
Schroders executive chairman Massimo Tosato will take a seat on Nutmeg’s board.
Tosato said the move to back Nutmeg was ‘an innovative and fast-growing online wealth management business’ and that the asset manager wanted to participate in the firm’s ‘next stage of growth’.
Nutmeg is the brainchild of Nick Hungerford (pictured), previously an investment manager at Brewin Dolphin.