LONDON (Reuters) – JPMorgan Chase has bought Nutmeg, Britain’s largest digital wealth manager, as the US giant prepares for a major UK retail expansion push.
Nutmeg, which has more than 140,000 clients and more than 3.5 billion pounds ($ 4.89 billion) of assets under management, will be the foundation for JPMorgan Chase’s (NYSE 🙂 retail digital wealth management offering internationally, it said. Nutmeg in a statement.
Nutmeg launched in 2012 and offers a range of investment and pension products, but has struggled to make a profit. In its most recent set of full accounts for 2019, the company posted a pre-tax loss of £ 22 million.
JPMorgan confirmed the acquisition and said it would complement the launch of the firm’s UK digital bank under its Chase brand later this year.
The bank is looking to take on established British rivals and a growing band of fintech with ambitions to become a full-service retail bank, starting with offering checking accounts.
“We are building Chase in the UK from the ground up using the latest technology and putting the customer experience at the center of our offering, principles that Nutmeg shares with us,” said Sanoke Viswanathan, JPMorgan Chase’s Chief Executive Officer, International Consumer.
JPMorgan had already launched a product partnership with Nutmeg in November.
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