JPMorgan Chase & Co. announced Thursday its purchase of Nutmeg, a U.K.-based independent digital wealth manager, in a move that forms the bedrock of the bank’s retail digital wealth management offering across the pond.
The acquisition, subject to regulatory approvals, is meant to complement the launch of Chase as a digital bank in the U.K. later this year, Nutmeg CEO Neil Alexander said in a blog post addressing the purchase.
Terms of the transaction were not disclosed. Upon closing, Alexander and the Nutmeg executive team will continue to run the business and will work alongside Chase in the U.K., according to the announcement.
“We are building Chase in the U.K. 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,” said Sanoke Viswanathan, CEO of international consumer at JPMorgan Chase.
Nutmeg, founded a decade ago, provides investments, products and wealth management services for over 140,000 investors, Alexander said. The fintech manages more than $4.9 billion in assets.
“The products and services our customers currently enjoy from Nutmeg will be unaffected and, as the deal completes later in the year after approvals are received, JPMorgan Chase and Nutmeg will be working closely on further developing our offering to the benefit of our investors,” Alexander said.
JPMorgan’s acquisition of Nutmeg comes on the heels of its latest fintech purchase of 55ip in December in a deal that expanded access to model portfolios and automated tax technology for the bank's network of advisers.
The purchase of 55ip was announced just two months after the asset manager partnered with the fintech to allow advisers to transition clients into J.P. Morgan model portfolios using 55ip’s automated tax technology, which employs algorithms to offer tax-smart investment strategies, asset transfers, withdrawals and portfolio management.
Two longtime RIA industry figures have joined the board of directors at TaxStatus, a fintech company that garners thousands of IRS data points on clients to share with advisors for improved financial planning oversight and time savings.
Sieg, 58, was head of Merrill Wealth Management, left in 2023 and returned that September to Citigroup, where he worked before being hired by Merrill Lynch in 2009.
Firms announce new recruits including wirehouse breakaways.
"QuantumRisk, by design, recognizes that these so-called "impossible" events actually happen, and it accounts for them in a way that advisors can see and plan for," Dr. Ron Piccinini told InvestmentNews.
Advisors who invest time and energy on vital projects for their practice could still be missing growth opportunities – unless they get serious about client-facing activities.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
