The online investment manager has added to its executive team.

Nutmeg has appointed Bill Packman as chief operating officer and Catherine Prentke as commercial director.

Based in London, Packman replaces Phil Bungey, who is moving to Seven Investment Management. 

Packman joined Nutmeg in 2014 and has been responsible for managing the firm's transition to its new operating model. He previously spent 20 years working in various roles in the financial services sector, including divisional director, wealth management at Westpac Banking Corporation, where he was responsible for managing the regulatory agenda and coordinating all activities between directors, regulators and staff.

“He was critical in implementing the Nutmeg operating, model which provides our unrivalled platform for scaling the customer base, and we look forward to working with Bill as he helps deliver the next phase of our growth plans,” said Martin Stead, chief executive at Nutmeg.

The role of commercial director is a new one, Nutmeg confirmed, but its closest parallel was chief revenue officer. This role was previously held by Stead, who took the helm last month after the firm's founding CEO, Nick Hungerford, stepped down.

Prentke joins after six years with American Express, latterly as director for UK digital acquisition. She previously worked at JP Morgan from 2004 to 2008.

“Taking broad responsibility for Nutmeg’s commercial engine room, Catherine will lead our team as we deploy new products, new services and new ads in the months and years ahead,” said Stead.