Nutmeg Reportedly Being Purchased by JPMorgan for Banking Expansion
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According to the latest reports, JPMorgan Chase has made an announcement in regards to its latest possible acquisition. The banking giant has revealed that it has successfully agreed to a deal that would see it buy Nutmeg.
The announcement around the acquisition of the online investment management platform from Britain was made by JPMorgan on Thursday, June 17, 2021. Although JPMorgan Chase has confirmed that the deal has taken place successfully, yet it has not confirmed the sum of the acquisition.
JPMorgan Chase has revealed that the request for approval has been submitted at the US Securities and Exchange Commission. Now the only thing in the way is the regulatory approval from the US SEC. Once the approval has been given, JPMorgan Chase would go ahead with its plan that it aims to fulfill once the acquisition is confirmed.
The banking giant from the United States has revealed that following the approval, it would go ahead with expanding its services in the United Kingdom. As per JPMorgan, it would be doing this by opening up a digital bank in the United Kingdom.
It would be a completely standalone company and would not be governed by JPMorgan. The banking giant has also confirmed that following the approval from the regulator, it plans on expanding the service by the end of 2021.
According to sources, Nutmeg itself is one of the big guns in the United Kingdom in terms of assets under management. The reports suggest that the firm currently has £3.5 billion worth of assets under management (AUM). At the time of writing, the £3.5 billion figure translates to $4.9 billion in total.
The firm also has the title of being the largest robo-advisors in the United Kingdom. Nutmeg is known for offering a variety of investment accounts to clients. Some of the major investment accounts include general investment accounts, pensions, and ISAs.
Nutmeg is also known for giving a really hard time to its competitors in the United Kingdom. At present, some of the major competitors it has in the United Kingdom include Moneybox, Moneyfarm, and Wealthsimple.
It was just last year when Jamie Dimon, CEO of JPMorgan Chase had made an announcement in regards to the firm’s expansion. He stated that his main goal is to bring international expansion and recognition to the largest banking firm in the United States.
In order to achieve this, he is willing to adopt an aggressive approach in order to search for the right firms and then acquire them. He stated that they want to add more markets, more products, and add more capabilities to their solutions.
This is what motivates him and his entire company to keep expanding the services and bring the company to an entirely new level.
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