Nutmeg tops 100,000 customer milestone in UK, fuelled by growth in female investors

Nutmeg has grown its customer base by over 30 per cent year-on-year to over 100,000 in the UK, fuelled by a rise in female investors.

The digital wealth manager says it eclipsed the 100,000-customer milestone today, saying that it “cements Nutmeg’s position as a main player” in retail investment.

“Coronavirus and the subsequent lockdown restrictions in 2020 have accelerated the adoption of digital services and fundamentally changed the way investors think about their investments and wealth management providers, “said CEO Neil Alexander.

In total, Nutmeg’s customer numbers have increased 33 per cent on the year while its Assets Under Management (AUM) has increased by 49 per cent to over £2.3bn.

During 2020, Nutmeg said it has seen a higher proportion of female investors compared to previous years, with 40 per cent of new investors female.

A further trend is that Nutmeg has seen a higher proportion of investors opting for socially responsible portfolios, with over 20,000 Socially Responsible Investment (SRI) pots in the year, its fastest-growing segment.

Nutmeg said the average age of its investor has remained unchanged at 39-years-old.

At the start of the year, Nutmeg surpassed £2bn in AUM which, by some measures, puts its ahead of its largest rival Scalable Capital.

Nutmeg was founded in 2011 by former stockbroker Nick Hungerford and William Todd, who left to found money management fintech Hulgrave in 2015.