Goldman Sachs’ consumer bank Marcus is branching out into investments by launching a stocks and shares Isa, which will be powered by online wealth manager Nutmeg.
The Isa is expected to be available next year although neither Nutmeg nor Marcus would reveal the rates and terms of the new deal.
Nutmeg funds have become popular in recent years as it provides customers with an app and website to pick from its investment portfolios, which vary according to how much risk the investor wants to take. The wealth manager also offers its own stocks and shares Isa.
The new Marcus product would invest in the same Nutmeg funds and its own Isas, but be branded differently. However, there are no guarantees the Marcus account would be as competitively priced as going direct to Nutmeg.
Marcus launched in Britain last September offering an easy-access savings account.
Last month, it started selling a rebadged version of its easy-access deal and a one-year bond through Saga, the over-50s specialist.
But the Saga easy-access account pays 1.4pc, 0.05 percentage points lower than savers can get by going direct to the Goldman Sachs’ division.
Martin Stead, of Nutmeg, said: “Now that Nutmeg’s service is proven at scale, we are working on a number of strategic partnerships with established brands to rapidly bring financial advice backed with a quality investment strategy to many more people."
A Marcus spokesman would not comment. Marcus is named after Goldman Sachs' founder, Marcus Goldman. The New York-based bank made a £45m investment in Nutmeg in January.