Nutmeg Review

Company background

Nutmeg was founded in 2012 by Nick Hungerford as the UK's first digital wealth manager, with the aim of making professional portfolio management accessible to retail investors. JPMorgan Chase acquired the business in June 2021. In November 2025 the Nutmeg brand was retired and the platform was relaunched as J.P. Morgan Personal Investing, though the underlying service - FCA-regulated managed portfolios across ISA, pension and general investment account wrappers - remained unchanged. The service operates under company number 07503666, registered in England and Wales, and is headquartered at 25 Bank Street, Canary Wharf, London.

Fees and pricing

Nutmeg charges an annual management fee as a percentage of the portfolio value, collected monthly. For Fully Managed, Smart Alpha, Socially Responsible, Thematic and Income portfolio styles, the fee is 0.75% per year on the first £100,000 and 0.35% per year on the balance above £100,000. The lower-cost Fixed Allocation style carries a fee of 0.45% per year up to £100,000 and 0.25% per year above that threshold. Additional costs include average underlying fund charges of approximately 0.19% per year and market spread costs of approximately 0.04% per year. There are no account setup, deposit, withdrawal or inactivity fees. The platform does charge £20 per line of stock for in-specie transfers out.

Financial planning and advice services are available as optional extras priced at £450, £900 and £1,350 (VAT included) depending on the service tier. These are paid separately and are not part of the standard managed portfolio fee.

Regulation and safety

Nutmeg is authorised and regulated by the Financial Conduct Authority (FCA) in the UK under FRN 552016. The company operates as a registered investment manager, meaning it is subject to FCA conduct of business rules and client asset (CASS) requirements. Client assets are held separately from company assets. Eligible investments are covered by the Financial Services Compensation Scheme (FSCS) up to £85,000 per individual in the event of firm failure. JPMorgan Chase's ownership adds a further layer of financial backing behind the platform.

Platform experience

The platform is accessible via a web browser and through iOS and Android mobile apps. Users choose a portfolio style (Fully Managed, Smart Alpha, Fixed Allocation, Socially Responsible, Thematic or Income) and a risk level, then the platform constructs and rebalances a diversified portfolio of exchange-traded funds on their behalf. Account types available include Stocks and Shares ISA, Lifetime ISA, Junior ISA, personal pension and General Investment Account. The minimum investment is £500 for the ISA, personal pension and GIA, and £100 for the Junior ISA and Lifetime ISA. There is no demo account. Customer support is available by phone, email and live chat.

Pros and cons

Nutmeg's main advantages are FCA regulation and FSCS protection, the JPMorgan Chase backing, a transparent all-in fee structure with no hidden costs, and support for six distinct portfolio styles across multiple account wrappers including ISA, Lifetime ISA and personal pension. The main drawbacks are management fees that are higher than some passive DIY alternatives, no self-directed stock picking, no SIPP, no demo account, and a £500 minimum for most account types. The brand was also retired in November 2025, with the service continuing under the J.P. Morgan Personal Investing name.