JPMorgan acquires Nutmeg, British wealth manager Robo Business

JP Morgan Chase has bought out UK wealth manager Nutmeg as he plots an assault on the UK banking market.

The Wall Street giant said the deal would complement the digital bank it planned to launch in the UK later this year under the Chase brand.

The London-based company “will form the basis of the bank’s global retail wealth management offering over the long term,” JPMorgan said.

Nutmeg has grown rapidly since its launch in 2012 and manages assets worth £ 3.5 billion on behalf of 140,000 clients.

Customers of the online wealth manager should not expect its products and services to be affected by the deal, he said.

Neil Alexander, Managing Director, said: “Nutmeg customers can expect the same level of transparency, convenience and service that has helped make us a leading digital wealth manager in the UK.

“I am really impressed with the digital experience that Chase is building for the UK. This new chapter in our history will see Nutmeg customers benefit from a wider range of products and services in the future and allow us to expand into new markets. “

JP Morgan said it was able to offer current accounts as the UK’s first digital banking product. Nutmeg will form the basis of the bank’s global wealth management offering for years to come.

Financial details of the exchange were not disclosed. It is expected to be completed in the second half of the year, subject to regulatory approval.