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.

Along with many robo-advisers, Nutmeg has struggled to fulfil its initial promise and has tried a number of new ventures and strategies, including piloting a full financial advice service last year.

Nutmeg said Mr Stead helped Nutmeg to secure £90m of investment to fund a growth plan that has seen Nutmeg “recognised as the fifth largest wealth manager in the UK” and expand to new markets in Asia.

The business has more than 90,000 customers globally and assets under administration have increased from £300m to approaching £2bn.  

Mr Alexander joined Nutmeg in May 2017 from Secretsales.com, where he helped them achieve their exit with a sale to Wowcher. 

Mr Alexander, said: “Nutmeg is a business that was founded to change the wealth management industry and offer high-quality investment management to many more people. Seven years into the Nutmeg journey, I am honoured to be taking on the role of CEO to lead the company through its next stage of growth.” 

Martin Stead said: “I leave confident that Nutmeg will continue successfully on its path to achieving profitable scale as Neil Alexander takes on the reins.”

William Reeve, Nutmeg’s chair, said: “Following over four years leading the transformation of Nutmeg from start-up to scale-up, Nutmeg’s CEO, Martin Stead, will be leaving the company in early 2020 in order to move overseas. On behalf of the Nutmeg board and the entire business, I’d like to thank Martin for his passionate leadership of the company over the past four years and wish him well for the future.” 

Matt Gatrell, chief technology officer, will also join the Nutmeg board as an executive director.