Wed, 04 Aug 2021

To grow in UK, JPMorgan purchases Nutmeg financial platform

Robert Besser
20 Jun 2021, 03:04 GMT+10

LONDON, England: In a major move to enter the British retail banking and investment market, JPMorgan Chase has purchased British online digital wealth manager Nutmeg.

The Nutmeg platform offers automated financial planning services, which are less expensive than traditional wealth managers.

Nutmeg has more than 140,000 clients and nearly $5 billion in assets that it manages. However, it has yet to become profitable.

In 2019 the firm reported a pretax loss of $30 million.

"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, which are principles that Nutmeg shares with us," said Sanoke Viswanathan, Chief Executive Officer of the International Consumer growth initiatives, as reported by Reuters.

At the same time, U.S. bank Goldman Sachs group is transforming its British Marcus consumer division to target wealth and investments. Plans call for offering a robo-advisor to Marcus clients by the first quarter of next year.

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