JPMorgan Chase buys British digital wealth manager Nutmeg

JPMorgan Chase has bought British digital wealth manager Nutmeg, as part of the U.S. giant’s expansion into the UK retail banking and investment market, Reuters reports.

Nutmeg – which has more than 140,000 clients and US$4.89 billion of assets under management – will form the basis of JPMorgan Chase’s retail digital wealth management offering internationally, Nutmeg said in a statement.

Nutmeg launched in 2012 and offers a range of investment and pensions products, but has struggled to turn a profit. In its most recent set of full accounts for 2019, the firm posted a pretax loss of 22 million pounds.

Nutmeg is Britain’s best known robo-advisor, offering automated financial planning services with the aim of under-cutting traditional wealth managers. JPMorgan confirmed the acquisition and said it would complement the firm’s UK digital bank launch under its Chase brand later this year.

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