JP Morgan has snapped up UK听robo-adviser Nutmeg.听
The听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.听
Nutmeg was launched in 2012 and听has built a customer base of听more than听140,000听investors,听with听拢3.5听billion of assets under management听including听junior ISAs, lifetime ISAs, pensions and general investment accounts.听
However听it听reported a 拢21.2 million loss for 2019.听
鈥淲e are building Chase in the UK from scratch using the very latest technology and putting the customer鈥檚 experience at the heart of our offering, principles that Nutmeg shares with us,鈥� said听Sanoke听Viswanathan,听JPMorgan Chase CEO of international consumer.听
鈥淲e look forward to positioning their听award-winning products alongside our听own, and听continuing to support their innovative work in retail wealth management.鈥�听
Nutmeg CEO Neil Alexander added: 鈥淣utmeg鈥檚 customers can expect the same level of transparency, convenience and service that helped make us a leading digital wealth manager in the UK.听
鈥淚 am truly impressed with the digital experience that Chase is building for the UK., and this new chapter in our story will see Nutmeg鈥檚 customers benefit from a wider range of products and services in the听future, and听allow us to expand into new markets.鈥�听