Nick Hungerford, co-founder of UK-based robo-advisor Nutmeg, has died at the age of 43.

He contracted a rare form of bone cancer in 2020, and despite an operation to remove his femur, the cancer returned in 2021, and Hungerford was given a terminal diagnosis.

He formed the investment platform Nutmeg in 2011 along with William Todd. The business was built on the premise of offering investors access to low-cost, discretionary investment products via an online platform.

While Nutmeg did not make a profit as an independent business, it had acquired 80,000 customers and £2 billion in assets as of January 2020, and it was bought by JP Morgan in 2021 for £700 million.

In a statement, Nutmeg described Hungerford as one of “Britain’s most successful entrepreneurs” who “hoped to democratise wealth management and start a journey that would change the retail investment sector in the UK”.

Before he died, Hungerford started a charity called Elizabeth’s Smile to provide resources for young children who have lost a parent.

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