JP Morgan have bought Nutmeg for £700m. It says it has £3.5bn AUM and 140,000 customers, which is a hell of a lot of AUM, £25,000 per customer. Can this be right?
FT has 5 times as many customers, but what’s the FT AUM? Less than £3.5Bn I would guess. Nevertheless, surely this puts FT into unicorn territory.