Schroders is joined by other high profile investors including Michael Spencer, chief executive of interdealer broker ICAP.

Massimo Tosato (pictured), executive vice-chairman at the fund group, will join the Nutmeg board as a result of the move, according to the FT.

“This financial investment in an innovative and rapidly growing on-line wealth management business will allow us to engage in the digital changes that are influencing the asset management industry for years to come,” Tosato said.

Existing investors in the simplified discretionary management service, headed by former Brewin Dolphin man Nick Hungerford, include economist John Kay.

Now home to 35,000 users, Nutmeg said customer acquisition in Q1 this year was up “350%” on the comparable 2013 period. Total assets under management remain undisclosed.