Wednesday 18 December 2019 1:02 pm

Chief executive of digital wealth manager Nutmeg to quit

Martin Stead, chief executive of Nutmeg, is stepping down early next year, the digital wealth manager has announced. 

Stead, who joined Nutmeg in 2015 and took over as chief executive a year later, is leaving the company to move overseas. He will be replaced by chief financial and operating officer Neil Alexander.

Read more: Nutmeg widens losses as wealth manager targets new customers

Nutmeg has received the backing of Schroders and Goldman Sachs, and has around 90,000 customers.

Despite boasting assets under management of over £1.8bn, Nutmeg is yet to turn a profit. 

The London-based fintech announced in October that losses had widened over £6m last year to £18.6m after it invested heavily in attracting new customers. 

Goldman Sachs led a £45m funding round for Nutmeg in January, and the company raised £3.8m via crowdfunding over the summer.

Stead’s departure comes shortly after chief investment officer Shaun Port left the company to join JP Morgan as a managing director. 

“Nutmeg’s mission is as important today is it was when I joined,” said Stead in a statement announcing his departure. 

Read more: Revealed: The 10 fastest growing UK scale-ups of 2019

“Being entrusted with the stewardship of Nutmeg and leading a world-class team of passionate Nutmeggers every day, has been the greatest privilege and responsibility of my life.”

Alexander joined Nutmeg in 2017 from online fashion outlet, which was sold to Wowcher during his tenure.