JPMorgan Chase has acquired UK-based pensions and wealth management technology platform WealthOS.
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The deal was announced internally by JP Morgan Chase’s personal investing division – previously called Nutmeg – this week, according to Sky News, citing a memo.
JPMorgan acquired Nutmeg in 2021 in a deal rumoured at the time to be worth around £700 million in an effort to build out the US giant’s UK digital bank. The platform has around 275,000 users and £8.5 billion worth of assets under management.
Founded in 2019, with operations in the UK and Sri Lanka, WealthOS is a cloud-native middle-and-back office SaaS platform for wealth management. The firm counts Barclays among its investors and recently added former Google and LinkedIn veteran John Herlihy as chairman.
According to the internal memo, seen by Sky, the WealthOS deal give JPMorgan “access to cutting-edge technology and deep sector expertise” in the retirement planning arena, with the entire workforce staying in place.