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Nutmeg hits £1 billion on client surge

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Nutmeg hits £1 billion on client surge

Nutmeg's asset under management have risen above £1 billion on the back of a surge in customers.

Client funds have near doubled year-on-year, rising 93%, said Nutmeg. It added it had significantly outperformed peer portfolios, which were 17% higher over the period.  

Nutmeg, which was a pioneer in the sector when it launched in 2011, has seen customer numbers more than double to 48,700 in the last 12 months. 

The business this year celebrates the fifth birthday of its fully managed portfolios. 

According to figures provided by Nutmeg, the portfolios have outperformed the returns delivered by the average wealth manager by between 3.3% and 10.3%. 

At the start of 2017 the company additionally launched a range of fixed asset allocation portfolios.

Nutmeg CEO Martin Stead (pictured) said: 'The way people save, invest and manage their money is changing. Our model is now becoming a mainstream option for smart investors.

'We’ve combined our team’s investment expertise with cutting-edge technology and design, to revolutionise the investment industry and bring UK investors a modern, high-quality alternative to the traditional wealth managers and DIY platforms.' 

At the end of last year Nutmeg announced it had raised another £12 million from investors, lifting its total funding gathered in 2016 to £42 million. 

At the time the firm said the investment would be used to fuel the firm's innovation and expansion plans to help it maintain its growth trajectory.

Full-year numbers released by the firm in October revealed losses had widened to £9.3 million as it continued to invest heavily in its UK business. Turnover rose by almost 50% from £1.72 million to £2.56 million 

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