Reportedly, JP Morgan Chase (JPM) has bought UK robo wealth manager Nutmeg, complementing the digital bank it plans to launch in the UK later this year under the Chase brand.
Sanoke Viswanathan, head of JPMorgan’s international consumer division, stated: “We are building Chase in the UK from scratch using the very latest technology and putting the customer’s experience at the heart of our offering, principles that Nutmeg shares with us.”
JP Morgan said being able to offer current accounts to customers as its first digital banking product in the UK had been its focus, and Nutmeg will form the basis of the bank’s retail wealth management offer globally in the coming years. Launched in 2012, Nutmeg has expanded rapidly since its launch and manages assets worth £3.5bn on behalf of 140,000 clients.
Neil Alexander, the chief executive stated: “Nutmeg’s customers can expect the same level of transparency, convenience, and service that helped make us a leading digital wealth manager in the UK. I am truly impressed with the digital experience that Chase is building for the UK. This new chapter in our story will see Nutmeg’s customers benefit from a wider range of products and services in the future and allow us to expand into new markets.”
The transaction is subject to regulatory approval and is expected to close in the second half of the year. Financial terms of the deal were not disclosed but the Financial Times reported that the deal valued Nutmeg at about £700m.
JPMorgan Chase & Co (JPM) is a global financial service leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset management, and commercial banking. To learn more about JPMorgan Chase & Co. (JPM) and to continue to track its progress please visit the Vista Partners JPMorgan Chase & Co. Coverage Page.
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