US-based investment bank JPMorgan Chase is set to acquire digital wealth manager Nutmeg to support the upcoming launch of its digital bank in the UK later this year.
With more than £3.5bn of AUM and 140,000 clients, Nutmeg is expected to strengthen the bank’s retail digital wealth management offering globally, over the long term.
Nutmeg CEO Neil Alexander said: “Thanks to the trust and support of our clients over the past decade and the continuous hard work of all Nutmeg staff past and present, that Nutmeg has grown to be the successful business that it is today.
“I know I speak on behalf of the entire Nutmeg team when I say that to manage the investments of our clients and help them to achieve their financial goals is a privilege and an honour – one which we look forward to continuing for decades to come.”
Nutmeg assured its clients and investors that the products and services the company is currently offering will be unaffected by the acquisition.
The transaction is expected to be completed later this year, subject to receipt of regulatory approvals.
Furthermore, JPMorgan Chase and Nutmeg are expected to work together to further develop the offerings that benefit investors.
JPMorgan Chase international consumer CEO Sanoke Viswanathan said: “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.”
