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JPMorgan buys Nutmeg to expand UK retail biz

JPMorgan Chase has bought British digital wealth manager Nutmeg as part of its expansion into the UK retail banking and investment market. The US bank’s aim to become a full-service retail bank under its Chase brand in the UK. It will compete with Goldman Sach’s consumer brand Marcus, which was launched in Britain in 2018. Nutmeg, with its 140,000 plus clients and some 3.5 million pounds in assets under management, will form the basis for JPMorgan Chase’s retail digital wealth management offering internationally. Financial terms of the deal were not disclosed. Launched in 2012, Nutmeg aimed to upend the traditional wealth management market by offering lower cost automated financial planning services

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