JP Morgan Chase has acquired loss-making digital wealth manager Nutmeg as it looks to expand its retail digital wealth management offering.

Robo-adviser Nutmeg believes it has bucked the trend in the beleaguered digital adviser sector with 41% year on year growth in AUM.

I remember a few years back when I worked at another media business that we had a presentation from a senior bod about the exciting technological future awaiting the company.

Nutmeg, one of the best-known robo-advisers, has promoted chief financial and operating officer Neil Alexander to replace chief executive Martin Stead who is leaving early in 2020 to move overseas.