The size of the investment, and his consequential stake, is undisclosed. He joins existing investors Tim Draper, an early investor in Skype and Hotmail, and Klaus Hommels who is on the Spotify board.
The economist led a Government-commissioned report last July which criticised the dominance of short-term thinking and emphasis on relative performance within the asset management industry.
Kay said: “Nutmeg is providing a better version of intermediation in two senses. One, it is a genuine complete aggregation of your holdings, and secondly it provides a real service of relating the underlying investments to your risk preference, rather than simply being in effect an execution-only vehicle.”
Are online advice-only sites a threat or a gift? Read more here.
