(London) US banking giant JPMorgan has acquired British automated investment advisory firm Nutmeg for an undisclosed amount, in order to develop its international digital wealth management offering, particularly in the UK.
“I am delighted to announce the next chapter for Nutmeg that will join JPMorgan Chase,” Neil Alexander, CEO of the fintech company, said in a statement Thursday on the company’s website.
“With over 140,000 clients and over £3.5 billion of assets under management, Nutmeg will form the bedrock of JPMorgan Chase’s long-term international digital wealth management offering, as well as Chase’s launch into UK digital banking later in the year.” this year “.
In 2012, Nutmeg “was founded with an ambitious mission to democratize wealth management” particularly through technological innovation in order to help “investor nations to […] Fund their first home, retirement, children, and life to build a financial cushion.”
For his part, Sanuk Viswanathan, managing director of international retail banking for JPMorgan Chase, explained that the banking giant “is building Chase in the UK using the latest technology”.
The financial press has regularly described nutmeg as the UK’s largest supplier of financial “robot advisors”. Founded in 2012, this company employs about 150 people, whose headquarters are in London.
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