InvestCloud enables Nutmeg to launch Lifetime ISA for new tax year

Global FinTech firm helps online investment manager to overtake traditional ISA providers in launching new savings product

London — June 27, 2017  InvestCloud Inc., a global FinTech firm, enabled online investment manager Nutmeg to launch a financial product ready for the new UK tax year, and ahead of most other ISA (Investment Savings Account) providers.

Through its partnership with InvestCloud, Nutmeg was able to launch its Lifetime ISA (LISA) on 6 April 2017, the start of the new tax year. Nutmeg’s speed to market with the new LISA gives the online investment manager an advantage in marketing the product to UK consumers well ahead of competitors. To encourage savings among younger people for home ownership or retirement, the LISA offers a 25 percent government bonus on savings of up to £4,000 a year to anyone aged over 18 and under 40.

Bill Packman, COO at Nutmeg, said: “We have always been at the forefront of providing new services to our customers, so it was imperative that we were able to launch the Lifetime ISA from day one. By providing flexibility and the ability to easily scale, InvestCloud has allowed us to be one of the first providers on the market able to offer this new and innovative product.”

Through its digital wealth platform, InvestCloud provides front-, middle- and back-office accounting services for wealth management and investment firms, including a new generation of innovative online wealth managers such as Nutmeg. By choosing InvestCloud, Nutmeg has been able to bring new customers on-board at a faster rate and provide the real-time portfolio reporting expected by modern online investors.

InvestCloud’s cloud-native and API-based architecture ensures all Nutmeg customers opening LISA accounts can be easily on-boarded, while helping the online investment manager to ensure compliance with the regulations for the new scheme via HMRC APIs.

Steve Wise, EVP of InvestCloud’s icMAC division, said: “By using the InvestCloud platform for its middle- and back-office operations, Nutmeg ensured it can bring new products, like the LISA, to market quickly. By keeping their back- and middle-office systems in-house using InvestCloud, rather than outsourcing via a traditional custodian, wealth managers can ensure they deliver value, scale and efficiency. This applies not just to their own operations, but also to their customers who see the benefit in real-time portfolio valuations and flexible reporting.”

About InvestCloud Inc.

Headquartered in Los Angeles with a global presence, InvestCloud develops first-class, financial digital solutions, pre-integrated into the cloud. By empowering investors and managers with a single version of the integrated truth through its unique digital platform, InvestCloud creates beautifully designed client experiences and intuitive operations solutions using an ever-expanding library of digital modular apps. The result? Powerful products for individual investors and institutions alike, assembled on-demand to meet clients’ specific needs.

Today the InvestCloud platform supports over $1.7 trillion of assets across 670 diverse clients — from wealth managers, institutional investors & institutional asset managers to family offices, asset services companies, financial platforms & banks.

For more information, visit www.investcloud.com.

About Nutmeg

Nutmeg is an intelligent online investment management service, authorised and regulated by the Financial Conduct Authority, endorsed by the Department for International Trade and backed by world-renowned shareholders. Nutmeg’s experienced investment team builds and manages professional portfolios tailored to customers’ real-life investment goals and aligned to their appetite for risk. Customers can create as many goals as they like, each with a different risk setting, and they can transfer, top-up or withdraw their money whenever they choose (although investing is for the long term and Nutmeg doesn’t recommend withdrawing within the first three years). Through the award-winning account interface, they can securely log in to see where their money is invested and how it’s performing at any time. Customers can start with as little as £100 for a Lifetime ISA or £500 for an ISA or general investment account (plus £100 per month contributions for portfolios less than £5,000) and pay an annual management fee of just 0.75%-0.25% including VAT, depending on the size of their investment and chosen investment style. Nutmeg makes intelligent investing easy for you. Straightforward, convenient and transparent. That’s how investing should be.