1 day ago
4
JP Morgan Chase, the US-based banking giant, has swooped to bargain a British pensions exertion institution arsenic it tries to augment its status readying services to idiosyncratic investing clients.
Sky News has learnt that JP Morgan has agreed to drawback up WealthOS, which was founded successful 2019.
Chaired by erstwhile Google enforcement John Herlihy, WealthOS is simply a wealthiness absorption bundle business.
Money latest: Is epoch of precocious savings rates over?
The woody was announced internally by JP Morgan Chase's Nutmeg idiosyncratic investing part this week.
The terms being paid by the American slope was unclear connected Thursday.
WealthOS has a workforce divided betwixt the UK and Sri Lanka, wherever it has a merchandise and bundle engineering centre.
JP Morgan has made large strides into the UK idiosyncratic banking and wealthiness absorption assemblage successful caller years, launching a integer savings slope nether the Chase marque successful 2021.
It acquired Nutmeg, for which it was reported to person paid astir £700m, the aforesaid year.
Nutmeg has astir 275,000 customers successful the UK, according to an interior memo announcing the deal, successful which JP Morgan said would springiness it "access to cutting-edge exertion and deep-sector expertise".
JP Morgan declined to comment.
English (US) ·