Nutmeg CEO steps down following sale to JP Morgan

By Theo Andrew on Friday 1 July 2022

Savings and Investment

Alexander announced he would be “taking a break” following the sale.

Nutmeg CEO steps down following sale to JP Morgan
Image source: Neil Alexander/Nutmeg.

Nutmeg CEO Neil Alexander has stepped down from his role a year after the firm was acquired by JP Morgan.

Alexander has been CEO since January 2020, having joined the firm in 2017 as chief financial officer.

However, according to his LinkedIn profile, he is now “taking a break”.

“Following the successful sale of Nutmeg to JP Morgan , I am now taking some time out,” he said.

Following Alexander’s departure, Sanjiv Somani, head of international consumer UK at JP Morgan, will take on responsibility for Nutmeg, the digital wealth manager that runs model portfolios which invests entirely in ETFs.

Nutmeg said he will be responsible for bringing the businesses closer together and pursuing opportunities in both retail banking and retail investment outside the US.

JP Morgan launched its digital bank, Chase, in September last year. 

He will continue to work closely with Matt Gatrell, James McManus and Darragh Geraghty on the day-to-day running of the Nutmeg business.

In a statement, Sanoke Viswanathan, CEO for international consumer business at JP Morgan, said: “Neil has been a tremendous partner over the past year and we wish him the very best of luck in the future.”

JP Morgan acquired digital wealth manager Nutmeg for an undisclosed in June 2021.

In November 2020, Nutmeg partnered with JP Morgan Asset Management (JPMAM) to launch a range of risk-rated portfolios using ETFs.

The Smart Alpha range offered by Nutmeg includes both active and passive ETFs solely from JPMAM and utilises the firm’s multi-asset solutions specialists.

This article was originally published on ETF Stream.

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