JPMorgan Chase – JP Morgan expands in the UK with the purchase of an investment platform
London, UK: As a major move to enter the UK retail banking and investment market, JPMorgan Chase has acquired UK online digital wealth manager Nutmeg.
The Nutmeg platform provides automated financial planning services. This is cheaper than a traditional Wealth Manager.
Nutmeg has more than 140,000 clients and manages nearly $ 5 billion in assets. But it’s not profitable yet.
In 2019, the company reported a pre-tax loss of $ 30 million.
Sanoke Biswanasan, Chief Executive Officer of the International Consumer Growth Initiative, said: , As reported by Reuters.
At the same time, the Goldman Sachs Group, a US bank, is transforming the UK’s Marcus consumer sector to focus on wealth and investment. The plan requires that Marcus clients be provided with robo-advisors by the first quarter of next year.
JP Morgan expands in the UK with the purchase of an investment platform
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