JPMorgan today has announced that it has agreed to buy British online wealth manager Nutmeg for an undisclosed sum. The US banking giant stated that the deal is still subject to regulatory approval and it will complement the launch of JPMorgan's standalone digital bank brand in the UK later this year. Besides, with more than £3.5 billion ($4.9 billion) in assets, Nutmeg is one of the UK's largest robo advisors.
Nutmeg offers a range of investment accounts, including ISAs, pensions, and general investment accounts. Nutmeg expects the same level of transparency, convenience, and service that helped make them a leading digital wealth manager in the UK with this new deal. Both companies are looking to position their products among the award-winning ones and continue to support their innovative work in retail wealth management, and become a global leader in this sector.
JPMorgan Securities acted as JPMorgan's financial advisor for the transaction, whereas Freshfields Bruckhaus Deringer was the legal counsel. Arma Partners was a financial advisor, and Taylor Wessing was legal counsel for Nutmeg. JPMorgan did not disclose the deal amount.