Fubon Financial Holdings, Goldman Sachs and Schroders are set to exit Nutmeg, which will boost JP Morgan Chase's digital wealth management business.
Financial services group JP Morgan Chase has agreed to buy UK-headquartered digital wealth manager Nutmeg, enabling financial services firm Fubon Financial Holdings and investment banks Goldman Sachs and Schroders to exit.
Although the companies did not disclose the size of the transaction, a source close to the deal told Reuters it was sized at nearly £700m ($980m).
Nutmeg operates a digital platform which manages investments for some 140,000 customers, offering a range of products including passively managed exchange-traded funds powered by JP Morgan Chase’s asset management business, JP Morgan Asset Management.
The company is being bought to be the centrepiece of JP Morgan Chase’s international retail digital wealth management activities as it prepares to launch Chase as a digital bank in the UK.
JPMorgan Chase’s CEO of international consumer, Sanoke Viswanathan, said: “We are building Chase in the UK from scratch using the very latest technology and putting the customer’s…
