LONDON, 3 September 2012 — Pershing, a BNY Mellon company, announced today that it has been selected by Nutmeg, an online investment manager with an innovative value proposition, to provide trading, custody, clearing and settlement services. In choosing Pershing's wealth management custody solution, Nutmeg is able to provide investors with integrated access to global exchange markets.
Nutmeg offers a new model of discretionary investment management. It allows users to take control of their investments online, setting targets and risk levels for different saving goals. Nutmeg offers its customers accessible, diversified ETF portfolios. Its online interface, which includes automatic rebalancing, overseen by an experienced management team, will keep annual management fees at 1 per cent or less (including VAT). By collecting nutmegs, a loyalty scheme based around referrals and pounds invested, users can reduce their management fees to as low as 0.3 per cent. Nutmeg has raised £3.4m in venture capital funding in advance of its public launch later this year.
Paul Bayliss, Head of Wealth and Adviser Solutions at Pershing Limited, said: "Nutmeg offers a refreshingly original service to a broad range of UK investors, responding to a market gap which will expand further post-Retail Distribution Review (RDR). Pershing has a long history of partnering with innovative, forward-thinking companies as they grow their businesses. We are happy to support Nutmeg by giving investors the confidence that their assets and cash balances are held in a secure, cost-effective and transparent way."
Nick Hungerford, CEO of Nutmeg, said: "We were very impressed by Pershing's track record — assisting both start-up companies and sizeable institutions — and we are confident in their ability to support our business requirements as we grow. Pershing was able to offer a flexible approach, tailoring its services to the needs of our business, which is vital for new and next generation companies."
Pershing Limited provides broker-dealers, asset managers, intermediary firms, IFAs, and financial institutions across Europe with a comprehensive range of products, services, and solutions including retail clearing, fully disclosed institutional global clearing, broker services, and trading services. Established in London in 1987, Pershing Limited and its subsidiary, Pershing Securities Limited, are members of the London Stock Exchange and Euroclear UK & Ireland. Pershing Limited has memberships with LCH.Clearnet EquityClear and SIX SIS AG. Pershing Securities Limited is a member of Deutsche Börse, Eurex Clearing, and Clearstream. Pershing Limited is an affiliate of Pershing LLC, a leading global provider of financial business solutions to more than 1,500 institutional and retail financial organisations and independent investment advisers who collectively represent over five million active investors. Pershing LLC (member FINRA/NYSE/SIPC) is a member of every major U.S. securities exchange, and a subsidiary of The Bank of New York Mellon Corporation. Additional information is available at www.pershing.co.uk.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $27.1 trillion in assets under custody and administration and $1.3 trillion in assets under management. It services $11.5 trillion in outstanding debt and processes global payments averaging $1.4 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available at www.bnymellon.com or follow us on Twitter@BNYMellon.
Nutmeg is a ground-breaking investing service, regulated by the FSA, endorsed by the UKTI and backed by world-renowned investors. Its mission is to democratise the stuffy world of financial management, offering a "third way" for those who neither want to pick stocks themselves or pay an advisor to invest for them. Users can create diverse portfolios with a lump sum as low as £1,000 (or monthly contributions of only £100) — moving, topping-up or withdrawing their money whenever they choose.
You can read more at www.nutmeg.com. Please remember that with investment comes risk. The value of a portfolio with Nutmeg could go up as well as down, and you may get back less than you invest.