(London) US banking giant JP Morgan has acquired British automated investment advisory firm Nutmeg for an undisclosed amount, to develop its international digital wealth management offering exclusively in the United Kingdom.
“I am pleased to announce the next chapter for Nutmeg, which will be joining JPMorgan Chase,” Neil Alexander, the fintech company’s chief executive officer, said in a statement posted Thursday on the company’s site.
With more than 140,000 customers and over £3.5 billion in assets under management, in addition to Chase’s launch in Nutmeg digital banking, JPMorgan Chase will “base on a long-term international digital wealth management offering”. will form. UK later this year,” he continued.
In 2012, “Nutmeg was founded with the ambitious mission of democratizing wealth management” specifically through technological innovation to “help the nation of investors”. […] Financing their first home, their retirement, their children and their lives, to create a financial cushion,” the press release said.
For his part, Sanok Viswanathan, managing director of JPMorgan Chase’s international retail banking arm, explained that the banking giant is “using the latest technology to build Chase in the UK.”
Nutmeg is regularly described by the financial press as the UK’s largest supplier of financial “robo-advisors”. Founded in 2012, the company employs approximately 150 people, primarily based in London.
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