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Nutmeg was founded in 2011 by Nick Hungerford (1980–2023) and William Todd. In 2019, The Economist described Nutmeg as a "hit fintech startup" and as being a client of Carta, a firm that keeps track of the stakes in companies. [6] Martin Stead left the company in 2019, following a loss of £18.6 million. Nutmeg has yet to make a profit. [7]
UBS also entered the life insurance business in 1993 establishing UBS Life. UBS formed a joint venture with Swiss Life in 1995, known as UBS Swiss Life. UBS took a 25% ownership position in Swiss Life in exchange for a 50% share in the joint venture. [5] UBS entered the 1990s clearly the largest and most conservative of the three large Swiss Banks.
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Adolf Hitler maintained an account at the Union Bank of Switzerland (UBS) estimated at 1.1 billion ℛ︁ℳ︁. [ 12 ] [ 16 ] After the United States formally asked the bank to transfer the money in the 1990s, UBS wired US$ 400 to 700 million worth of Reichsmarks to U.S. authorities. [ 12 ]
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