JP Morgan has struck a deal worth about £700 million to buy Nutmeg, the digital wealth manager, as America’s biggest bank seeks to kickstart plans to build a consumer business in Britain.
The surprise move by the Wall Street financial services group comes before the launch of its long-awaited online retail bank in the UK this year. Nutmeg will sit alongside the new digital bank, which will start off by offering a current account to customers accessible through a smartphone app in the autumn.
The deal will bring Nutmeg’s customer base of 140,000 investors, and more than £3.5 billion in assets under management, into the New York-based JP Morgan.
The investment platform is a so-called “robo-adviser” that has grown since its was founded in 2012 into one of Britain’s largest digital wealth managers. It is one of a new generation of businesses that offer automated services and ready-made portfolios to … Read the rest