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Summary
- JPMorgan Chase said the agreement with the London-based company would complement its forthcoming online retail banking operations in the UK.
- The JPM stock was trading at US$152.08 at 11:24 am ET on Thursday, June 17, down 2.68%.
- Nutmeg CEO Neil Alexander will continue in his role after the acquisition.
Investment bank JPMorgan Chase (JPM) has secured a deal to acquire the UK-based roboadviser Nutmeg for an undisclosed sum as it sets its eyes on the European market.
The US firm expects the deal would help expand its wealth management platform as it forays into the retail banking market in the UK.
Nutmeg has expanded rapidly since its launch in 2012. The company has around 140,000 customers and manages assets worth £3.5bn (about US$4.8 billion).
The JPM stock was trading at US$152.08 at 11:24 am ET on Thursday, June 17, down 2.68%.
JPMorgan Chase said the agreement with the London-based company would complement its online retail banking operations in the UK, where it also plans to offer current account services to customers later this year.
Nutmeg’s customers will not be affected by the acquisition, and all its products and services would continue, the US bank said in a statement.
Nutmeg CEO Neil Alexander will continue in his role after the acquisition.
The companies have not revealed the deal amount yet. However, the transaction is expected to be completed by the second half of 2021.
Source: Pixabay.
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Recent Activities
JPMorgan Chase had recently announced plans to address the affordability of homes, especially among the Black and Latino households in the US.
It has committed US$400 million in humanitarian assistance to tide away from the crisis. Besides, it said it would also look at new business practices to promote affordability for homebuyers.
The commitments are part of its US$30 billion pledge to reduce the affordability gap over a period. It also involves engaging industry partners and regulators to address the issues.
On June 15, the global financial giant had declared dividends on the outstanding shares of its preferred stock series such as I, R, S, Z, FF, etc. JPMorgan’s market cap is around US$3.7 trillion, and it has operations worldwide.
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