Well-Known Entrepreneur, Sports Luminary Joins UK's Nutmeg

Sandra Kilhof

29 January 2014

Nigel Wray, chairman of Saracens rugby club and an industry entrepreneur, is joining the online wealth manager Nutmeg after having made a significant investment in the firm.

Wray joins having invested in and developed successful organisations across a range of sectors, particularly the investment, property, fund, media and sport industries.

“Nigel brings considerable experience of building, expanding and managing financial services businesses. His passion for the customer experience is completely aligned with mine and that of Nutmeg,” said chief executive and co-founder, Nick Hungerford.

Nutmeg, which claims to be “the UK’s first online discretionary investment management service” has made its mark in the past year as an ardent critic of the wealth management industry and particularly those firms that have not sought to lower prices and increase transparency following the implementation of the Retail Distribution Review. Nutmeg itself claims to have low fees on its services and no hidden charges. This standpoint was clear when the firm launched an aggressive new advertising campaign on the London Underground in the fall of 2013. Read more on that, and in particular, the adverts depicting fund managers as “fat cats”, here.

Elsewhere, the firm said that it had generated good performances for its clients since the firm’s launch in October 2012.