Goldman Sachs Acquires Nutmeg Stake

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The beleaguered Hong Kong advised firm to Convoy up its investment ahead of local push, Banking giant Goldman Sachs was among the largest investors in a £45m fundraising announced by UK-based digital wealth manager Nutmeg.

“This is the largest ever investment into a digital wealth manager in Europe,” said Martin Stead, chief executive of Nutmeg.

“This round was led by the Goldman Sachs Principal Strategic Investments Group, which makes long-term investments in fast-growing technology companies.”

Convoy reappears

The funding was co-led by Convoy, one of the largest listed financial advice firms in Hong Kong, Convoy, two years after it first backed Nutmeg.

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“We’re hugely excited to be working with Convoy on our launch in Hong Kong later this year,” Stead added.

Convoy was raided by Hong Kong’s anti-corruption commission in December 2017 and its chairman and several board members were arrested.

The fallout resulted in a number of lawsuits and an attempted boardroom coup. The firm has kept a relatively low profile in recent months, with the Nutmeg investment the first time it has hit headlines in months.

According to reports, the funding will value Nutmeg at £245m ($315m, €277m).


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