Nutmeg attempts to lure ‘dumped’ Brewin clients

Online discretionary fund manager Nutmeg is offering chocolates and three months of free service to clients of rival Brewin Dolphin after it scrapped its wealth management service for 2,000 investors.

The Financial Times reports Brewin has removed its bespoke wealth management offering for smaller investors as it reviews its minimum investment levels.

Last month Brewin launched its BrewinsDirect direct-to-consumer service for customers with between £10,000 and £200,000 to invest.

Nutmeg has now launched an ad in a bid to capture those investors Brewin is no longer servicing.

The ad says: “Been dumped by Brewin Dolphin? Transfer and get three months free and a box of chocolates.” It features Nutmeg chief executive Nick Hungerford offering chocolates and chief investment officer Shaun Port with a box of tissues.

Brewin head of wealth and investment management Stephen Ford told the newspaper: “We have written to a couple of thousand clients with smaller portfolios and offered them various service options.”