- JPMorgan Chase & Co. (NYSE: JPM) announced it is buying Nutmeg. These are the details.
Today JPMorgan Chase & Co. (NYSE: JPM) announced it is buying UK-based digital wealth management company Nutmeg as part of a plan to expand further in the UK investment market. Nutmeg’s investments, products, and wealth management services are used by more than 140,000 people and the company has over £3.5 billion of assets under management.
“Nutmeg will form the bedrock of the bank’s retail digital wealth management offering internationally over the long term, complementing the launch of Chase as a digital bank in the UK later this year,” said Nutmeg CEO Neil Alexander in a statement. “The products and services our customers currently enjoy from Nutmeg will be unaffected and, as the deal completes later in the year after approvals are received, JPMorgan Chase and Nutmeg will be working closely on further developing our offering to the benefit of our investors.”
JPMorgan already had an existing product partnership with Nutmeg as of November in the form of launching a number of exchange-traded funds (ETFs) for Nutmeg’s customers. The terms of the deal were undisclosed.
“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. We look forward to positioning their award-winning products alongside our own and continuing to support their innovative work in retail wealth management,” added Sanoke Viswanathan, CEO of International Consumer at JPMorgan Chase.
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