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.
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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.
