Those of you who use Nutmeg (British robo advisor)....

[Rezz]

Hi all,

I’ve been using Nutmeg for about two years to drip feed British savings into stocks while living in Japan (they allowed non-residents to maintain active accounts). It seems that this will no longer be possible after April 30th.

I’ve been keeping my eye on Nutmeg news for a while and it seems that while they have recently acquired significant investment from a few big partners, they are still making continual losses. The recent announcement that they also plan to crowdsource more funds by selling shares in the company is also a little odd at this stage. I’m wondering if it’s better to withdraw all the money I have in there, or to dump a load more savings in there before the April 30th “cut off”.

Is anyone else in the same boat? What are your plans?

Rezz

[RetireJapan]

Hi Rezz

I got that email yesterday too. Something similar happened to me before with NatWest Stockbrokers, except I was forced to liquidate my investments. I suspect that will happen eventually here too.

For now I am planning to let me investments ride in Nutmeg. I won't be able to add to them but I like the idea of having some money invested in the UK as a form of geographical diversification.

[Rezz]

I ended up doing the same thing. I’m going to let one more transfer go through on April 25th before cancelling my direct debit then just leave the money in there. It seems that they have some protection through the FSCS so even if something does happen, I guess the money is safe! Still a bit worried about the share sell off though....