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InvestCloud enables Nutmeg to launch Lifetime ISA for new tax year

InvestCloud enables Nutmeg to launch Lifetime ISA for new tax year

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InvestCloud enables Nutmeg to launch Lifetime ISA for new tax year

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  1. InvestCloud enables Nutmeg to launch Lifetime ISA for new tax year InvestCloud enables Nutmeg to launch Lifetime ISA for new tax year Global FinTech firm helps online investment manager to overtake traditional ISA providers Global FinTech firm helps online investment manager to overtake traditional ISA providers in launching new savings product in launching new savings product London – June 27, 2017 – London – June 27, 2017 –​​ InvestCloud Inc., a global FinTech firm, enabled online investment manager Nutmeg to launch a financial product ready for the new UK tax year, and ahead of most other ISA (Investment Savings Account) providers. Through its partnership with ​InvestCloud, Nutmeg​ was able to launch its Lifetime ISA (LISA) on 6 April 2017, the start of the new tax year. Nutmeg’s speed to market with the new LISA gives the online investment manager an advantage in marketing the product to UK consumers well ahead of competitors. To encourage savings among younger people for home ownership or retirement, the LISA offers a 25 percent government bonus on savings of up to £4,000 a year to anyone aged over 18 and under 40. Bill Packman, COO at Nutmeg, said: “We have always been at the forefront of providing new services to our customers, so it was imperative that we were able to launch the Lifetime ISA from day one. By providing flexibility and the ability to easily scale, InvestCloud has allowed us to be one of the first providers on the market able to offer this new and innovative product.” Through its ​digital wealth platform​, InvestCloud provides front-, middle- and back-office accounting services for wealth management and investment firms, including a new generation of innovative online wealth managers such as Nutmeg. By choosing InvestCloud, Nutmeg has been able to bring new customers on-board at a faster rate and provide the real-time portfolio reporting expected by modern online investors. InvestCloud’s cloud-native and API-based architecture ensures all Nutmeg customers opening LISA accounts can be easily on-boarded, while helping the online investment manager to ensure compliance with the regulations for the new scheme via HMRC APIs. Steve Wise, EVP of InvestCloud’s icMAC division, said: “By using the ​InvestCloud​ platform for its middle- and back-office operations, Nutmeg ensured it can bring new products, like the LISA, to market quickly. By keeping their back- and middle-office systems in-house using InvestCloud, rather than outsourcing via a traditional custodian, wealth managers can ensure they deliver value, scale and efficiency. This applies not just to their own operations, but also to their customers who see the benefit in real-time portfolio valuations and flexible reporting.” About InvestCloud Inc. About InvestCloud Inc. Headquartered in Los Angeles with a global presence, InvestCloud develops first-class, financial digital solutions, pre-integrated into the cloud. By empowering investors and managers with a single version of the integrated truth through its unique digital platform, InvestCloud creates beautifully designed client experiences and intuitive operations solutions using an ever-expanding library of digital modular apps. The result? Powerful products for individual investors and institutions alike, assembled on-demand to meet clients’ specific needs.

  2. Today the InvestCloud platform supports over $1.7 trillion of assets across 670 diverse clients – from wealth managers, institutional investors & institutional asset managers to family offices, asset services companies, financial platforms & banks. For more information, visit ​www.investcloud.com​.

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