NUTMEG chief executive Martin Stead is stepping down early next year, the digital wealth manager announced yesterday.

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.

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, the company is yet to turn a profit.

Stead's departure comes shortly after chief investment officer Shaun Port left the firm to join JP Morgan.

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