JPMorgan Chase strikes deal to buy UK roboadviser Nutmeg


JPMorgan Chase has struck a deal to buy UK roboadviser Nutmeg and plans to use it as a platform to expand in wealth management, as the US group prepares to enter the country’s retail banking market.

The Wall Street bank said on Thursday it had agreed to buy the online wealth manager, which has expanded rapidly since its launch in 2012 to manage about £3.5bn in assets for about 140,000 customers.

Nutmeg would complement the online retail banking operation that JPMorgan plans to set up in the UK, the US bank said. It plans to offer current accounts under the Chase brand later this year.

The London-based company would “form the basis of the bank’s retail wealth management offering internationally over the long term”, JPMorgan said.

Customers should expect Nutmeg’s products and services to be unaffected by the change in ownership, the bank said, although it added it would integrate them with Chase’s “over time”.

Nutmeg executives, led by chief executive Neil Alexander, are to remain in place after the acquisition.

The deal, for an undisclosed sum, is subject to regulatory approval and is expected to complete in the second half of the year.



Source link

Latest

Three killed in stabbings in German town of Wuerzburg:Bild

Three people were killed and six wounded in a stabbing attack in the German town of Wuerzburg on Friday, Bild newspaper reported, adding...

Dancing On Ice flooded with Ofcom complaints after Ekin-Su Cülcüloğlu’s sultry performance

Ekin-Su Cülcüloğlu's 'sexiest ever' Dancing On Ice routine sparks over 100...

HK police arrest Apple Daily executives, seize reporting materials in national security law raid

Breadcrumb Trail Links PMN Business Author of the article: Reuters Sharon Tam and...

White House says G7 rally around need to ‘counter and compete’ with China

Article content BRUSSELS — White House national security adviser Jake Sullivan said on Sunday G7 leaders rallied around the need to “counter and...