Goldman Sachs backs UK-based robo adviser Nutmeg in latest funding round [Reuters (UK)]
Goldman Sachs Group, Inc. (The) (GS)
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Source: Reuters
Goldman Sachs backs UK-based robo adviser Nutmeg in latest funding round | Reuters 2 Min Read (Reuters) - U.K.-based online wealth manager Nutmeg said 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 & Co 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 i
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