JPMorgan acquires ex-Fortress investment tech firm LayerOne

JPMorgan acquires ex-Fortress investment tech firm LayerOne
The deal will improve JPMorgan's offering for hedge funds.
MAR 04, 2024
By  Bloomberg

JPMorgan Chase & Co. acquired LayerOne Financial, an investment management platform that was spun out from Fortress Investment Group, as it seeks to improve its offerings for hedge funds. 

JPMorgan’s wholly-owned subsidiary Neovest Inc. did the deal, according to a statement. With the deal, Neovest’s clients will be able to monitor their portfolios, conduct risk assessments, send orders to their brokers and perform compliance checks all from one platform, the companies said in the statement. 

“Following this acquisition, Neovest can enable clients to manage their full investment life cycle with one software provider,” Jimmi Shah, Neovest’s chief executive officer, said in the statement. 

Banks have been clamoring to gain more market share in the business of offering services to hedge funds, which has held up in recent years even as dealmaking slumped and capital markets activity tapered off. Within JPMorgan, Neovest’s platform serves more than 500 clients. 

LayerOne began independent operations in 2017 after it was spun off from Fortress Investment Group. For this transaction, the company was advised by SenaHill Partners, while Morgan, Lewis & Bockius LLP provided legal counsel.

Neovest was advised by JPMorgan and Gibson, Dunn & Crutcher LLP. 

Copyright Bloomberg News

Latest News

Northern Trust vows continued independence after BNY report
Northern Trust vows continued independence after BNY report

Following Wall Street Journal reporting from unnamed sources, the Chicago-based financial giant stressed its commitment to "delivering long-term value to our stakeholders."

California advisor who took cash from cannabis client barred
California advisor who took cash from cannabis client barred

The advisor, Andrew Nash of El Capitan Advisors, used the funds to buy a house, according to the SEC.

Robo platform Wealthfront teases IPO plans
Robo platform Wealthfront teases IPO plans

The digital investment platform's announcement of a confidential submission to the SEC comes amid a broader trend of consumer fintech firms going to market.

Goldman, Citi back NaviPlan architects in fresh bet on AI-powered financial advice
Goldman, Citi back NaviPlan architects in fresh bet on AI-powered financial advice

The Canadian startup's latest funding round, raising $60 million from the banks and other investors, is set to fuel its continued expansion into the US.

RIA moves: Carson Group gains strength in Utah, Apollon debuts in Ohio
RIA moves: Carson Group gains strength in Utah, Apollon debuts in Ohio

Carson's latest addition in Salt Lake City continues its strategy of buying out successful and growing Carson Wealth locations.

SPONSORED RILAs bring stability, growth during volatile markets

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.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave