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.”
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.
“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).