JPMorgan Chase has entered into a deal to buy UK roboadviser Nutmeg and plans to use it as a platform for wealth management as the US Group prepares to enter the country’s retail banking market.
Wall Street Bank said on Thursday it had agreed to buy Online Wealth Manager, which has expanded rapidly since launching in 2012, with շուրջ 3.5 billion in assets for some 140,000 customers.
Nutmeg will complement the online retail banking business that JPMorgan plans to establish in the UK, the Bank of America said. It plans to offer current accounts under the Chase brand later this year.
The London-based company “will be the basis of the International Bank for Reconstruction and Development ‘s offer of retail wealth in the long run,” PM Morgan said.
Customers should expect that Nutmeg products and services will not be affected by the change of ownership, the bank said, although it added that they would merge with Chase “over time”.
Nutmeg executives, led by CEO Neil Alexander, must remain in place after the acquisition.
The transaction, for an undisclosed amount, is subject to approval by the regulator, ինչպես is expected to be completed in the second half of the year.