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.