For an undisclosed amount, JP Morgan Chase has acquired Nutmeg, the UK digital wealth manager.
Learn more about Nutmeg from our review.
It is the US banking giant’s first move into the UK market, their CEO, Sanoke Viswanathan said: “We are building Chase in the UK 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. We look forward to positioning their award winning products alongside our own, and continuing to support their innovative work in retail wealth management.”
Nutmeg lost £21.2m in 2019, but has 140,000 customers and £3.5bn assets under management. It offers Junior ISAs, lifetime ISAs, pensions and general investment accounts which invest in exchange-traded funds (ETFs) already from JP Morgan Chase.