Nutmeg, one of the UK's most prominent robo advisors, is reported to be seeking a replacement for its CEO, Nick Hungerford, as it seeks to further grow its business.
Nutmeg last raised a $32m Series B in 2014 from investors including Schroders, the UK asset manager .
Co-founder Hungerford is likely to take on a chairman role once a replacement is found, the people said. It is not uncommon for startup co-founders to step down from more executive roles as their companies grow. A headhunting firm with expertise in the asset management sector has been hired to conduct the search, one of the people said. A spokeswoman for Nutmeg said: “As a matter of corporate policy, we do not comment on rumour or speculation in the market.”