JPMorgan acquires UK investments firm to support bank’s fintech venture
American banking giant JPMorgan Chase has acquired UK-based online investment management firm Nutmeg at an undisclosed fee.
In a statement, Nutmeg acknowledged that the deal supports JPMorgan’s plans to launch a digital banking platform in the UK later this year. Before the deal is finalized, it will undergo the relevant regulatory approval.
According to Nutmeg, the company will form the base for JPMorgans’ digital bank retail wealth management. Currently, Nutmeg serves over 140,000 clients with at least £3.5 billion in assets under management.
The company offers several investment accounts, including ISAs, pensions, and general investment accounts.