JP Morgan has snapped up UK robo-adviser Nutmeg.
The US financial services giant, preparing to launch its digital bank Chase in the UK later this year, has moved to acquire the loss-making investment platform for an undisclosed sum.
Nutmeg was launched in 2012 and has built a customer base of more than 140,000 investors, with £3.5 billion of assets under management including junior ISAs, lifetime ISAs, pensions and general investment accounts.
However it reported a £21.2 million loss for 2019.
“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,” said Sanoke Viswanathan, JPMorgan Chase CEO of international consumer.
“We look forward to positioning their award-winning products alongside our own, and continuing to support their innovative work in retail wealth management.”
Nutmeg CEO Neil Alexander added: “Nutmeg’s customers can expect the same level of transparency, convenience and service that helped make us a leading digital wealth manager in the UK.
“I am truly impressed with the digital experience that Chase is building for the UK., and this new chapter in our story will see Nutmeg’s customers benefit from a wider range of products and services in the future, and allow us to expand into new markets.”