JPMorgan buys UK robo wealth manager Nutmeg

JP Morgan Chase has purchased Uk robo wealth manager Nutmeg as it plots an assault on the British banking sector. 

The Wall Street huge mentioned the deal will enhance the digital financial institution it strategies to launch in the Uk later on this yr underneath the Chase manufacturer.

The London-based mostly organization will “variety the basis of the bank’s retail wealth administration featuring internationally around the extensive phrase”, JPMorgan mentioned.

Nutmeg has expanded quickly given that its launch in 2012 and manages belongings worth £3.5bn on behalf of one hundred forty,000 clientele.

Clients of the on the web wealth manager must not anticipate its products and expert services to be affected by the deal, it mentioned. 

Neil Alexander, main government, mentioned: “Nutmeg’s clients can anticipate the identical amount of transparency, advantage and services that assisted make us a leading digital wealth manager in the Uk.

“I am actually impressed with the digital knowledge that Chase is creating for the Uk. This new chapter in our tale will see Nutmeg’s clients benefit from a broader vary of products and expert services in the foreseeable future and make it possible for us to grow into new markets.”

JP Morgan mentioned being capable to present existing accounts as its to start with digital banking product or service in the Uk had been its concentrate. Nutmeg will variety the basis of the bank’s retail wealth administration present globally in the coming a long time.

Fiscal information of the deal have been not disclosed. It is predicted to complete in the second 50 {5f1a26c78b28d929d9f27dbb969c4a714b2b0100827b4d18c2e7d82d75f494e2} of the yr, topic to regulatory approval.