JPMorgan Chase has struck a deal to buy UK-based digital wealth management provider Nutmeg.
Reports value the transaction at £700 million. The acquisition comes as JPMorgan Chase eyes a move into the UK retail banking market.
With more than 140,000 clients and over £3.5 billion of assets under management, Nutmeg will form the basis of the JPMorgan Chase’s retail digital wealth management offering internationally over the long term, complementing the launch of Chase as a digital bank in the UK later this year.
Nutmeg’s current products and services will be unaffected and JPMorgan Chase and the wealthtech company will work closely on further developing its offering.
Neil Alexander, chief executive officer at Nutmeg, says: “It is thanks to the trust and support of our clients over the past decade and the continuous hard work of all Nutmeg staff past and present, that Nutmeg has grown to be the successful business that it is today.”
“I know I speak on behalf of the entire Nutmeg team when I say that to manage the investments of our clients and help them to achieve their financial goals is a privilege and an honour—one which we look forward to continuing for decades to come.”
Commenting on the acquisition, Sanoke Viswanathan, chief executive officer of international consumer at JPMorgan Chase, says: “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.”