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GOLDMAN SACHS GROUP (GS)
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Goldman Sachs backs UK-based robo adviser Nutmeg in latest funding round

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01/22/2019 | 12:31pm EST

(Reuters) - U.K.-based online wealth manager Nutmeg said https://www.nutmeg.com/nutmegonomics/goldman-sachs on Tuesday it raised $58.2 million in funding from investors, including Goldman Sachs Group Inc, proceeds of which will be used mainly for international expansion.

The latest funding round values Nutmeg Saving and Investment Ltd at 245 million pounds ($317.1 million), the company said.

Goldman's investment in Nutmeg is occurring as financial institutions, especially traditional banks, spend millions of dollars to drive tech innovations in their banking operations and enhance their appeal to digitally-inclined consumers.

Banks like Goldman, JPMorgan Chase & Co, Wells Fargo and mammoth wealth managers such as BlackRock Inc have been investing in robo-advisers to overhaul their distribution models in the face of tougher regulation, take some pressure off fees and cater to the changing investment needs of a younger generation.

Nutmeg is an online investment service provider which specialises in individual savings account, pension and general investment.

Its latest funding round also saw participation from its existing shareholder, Convoy Global Holdings Ltd, a Hong Kong-based financial advisory firm.

Nutmeg has raised nearly $90 million in four funding rounds, the last of which was in December 2016, according to data website Crunchbase.

($1 = 0.7726 pounds)

(This story corrects paragraph one to add dropped words "from investors including"; updates headlines)

(Reporting By Aparajita Saxena in Bengaluru; Editing by James Emmanuel)

Stocks mentioned in the article
ChangeLast1st jan.
BLACKROCK -0.80% 409.89 Delayed Quote.5.29%
CONVOY GLOBAL HOLDINGS LTD 0.00% 0.17 End-of-day quote.1.80%
GOLDMAN SACHS GROUP -0.54% 196.58 Delayed Quote.18.34%
JP MORGAN CHASE & COMPANY 0.21% 103.04 Delayed Quote.7.14%
WELLS FARGO -0.05% 49.8392 Delayed Quote.8.20%
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Financials ($)
Sales 2019 36 563 M
EBIT 2019 12 783 M
Net income 2019 9 179 M
Debt 2019 -
Yield 2019 1,73%
P/E ratio 2019 8,07
P/E ratio 2020 7,39
Capi. / Sales 2019 2,01x
Capi. / Sales 2020 1,95x
Capitalization 73 532 M
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Technical analysis trends GOLDMAN SACHS GROUP
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 224 $
Spread / Average Target 13%
EPS Revisions
Managers
NameTitle
David Michael Solomon Chairman & Chief Executive Officer
John E. Waldron President & Chief Operating Officer
Stephen M. Scherr Chief Financial Officer & Executive Vice President
James A. Johnson Independent Director
William W. George Independent Director
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