JP Morgan Chase, the US-based banking large, has swooped to purchase a British pensions expertise firm because it tries to reinforce its retirement planning providers to non-public investing shoppers.
Sky Information has learnt that JP Morgan has agreed to snap up WealthOS, which was based in 2019.
Chaired by former Google govt John Herlihy, WealthOS is a wealth administration software program enterprise.
Cash newest: Is era of high savings rates over?
The deal was introduced internally by JP Morgan Chase’s private investing division – beforehand referred to as Nutmeg – this week.
The value being paid by the American financial institution was unclear on Thursday.
WealthOS has a workforce cut up between the UK and Sri Lanka, the place it has a product and software program engineering centre.
JP Morgan has made massive strides into the UK private banking and wealth administration sector lately, launching a digital financial savings financial institution below the Chase model in 2021.
It acquired Nutmeg, for which it was reported to have paid about £700m, the identical yr.
Nutmeg, now referred to as JP Morgan Private Investing, has roughly 275,000 clients within the UK, in line with an inside memo asserting the deal, which the agency mentioned would give it “entry to cutting-edge expertise and deep sector experience”.
JP Morgan declined to remark.
