Nutmeg, the loss-making digital wealth manager backed by Schroders and Goldman Sachs, has announced its chief executive will step down in the new year.

Martin Stead, who has been chief executive since May 2016, will be replaced by chief financial and operating officer Neil Alexander in “early 2020”, according to a statement from Nutmeg. The company said Stead is leaving the business to move to France “to be closer to the family home”.