Banking behemoth JP Morgan Nutmegs rivals with purchase of WealthOS

JP Morgan Chase, the US-based banking giant, has swooped to buy a British pensions technology company as it tries to augment its retirement planning services to personal investing clients.

Paste BN has learnt that JP Morgan has agreed to snap up WealthOS, which was founded in 2019.

Chaired by former Google executive John Herlihy, WealthOS is a wealth management software business.

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The deal was announced internally by JP Morgan Chase's personal investing division - previously called Nutmeg - this week.

The price being paid by the American bank was unclear on Thursday.

WealthOS has a workforce split between the UK and Sri Lanka, where it has a product and software engineering centre.

JP Morgan has made big strides into the UK personal banking and wealth management sector in recent years, launching a digital savings bank under the Chase brand in 2021.

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It acquired Nutmeg, for which it was reported to have paid about £700m, the same year.

Nutmeg, now called JP Morgan Personal Investing, has roughly 275,000 customers in the UK, according to an internal memo announcing the deal, which the firm said would give it "access to cutting-edge technology and deep sector expertise".

JP Morgan declined to comment.