JPMorgan Chase seals deal to buy UK roboadviser nutmeg

JPMorgan Chase has struck a deal to buy UK roboadviser nutmeg and plans to use it as a platform to expand 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 management, which has expanded rapidly since its launch in 2012 to manage assets of around £3.5 billion for about 140,000 clients.

The US bank said nutmeg will complete the online retail banking operation that JPMorgan plans to set up in the UK. It plans to introduce checking accounts under the Chase brand later this year.

JPMorgan said the London-based company “will form the basis for the bank’s long-term retail wealth management offering internationally”.

The bank said customers should expect that Nutmeg’s products and services would not be affected by the change in ownership, although it added that it would integrate them with Chase “over time.”

Nutmeg executives, led by CEO Neil Alexander, will remain in their positions after the acquisition.

The transaction, for an undisclosed amount, is subject to regulatory approval and is expected to be completed in the second half of the year.

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