JPMorgan buys investment platform Nutmeg in UK retail push – Reuters

JPMorgan buys investment platform Nutmeg in UK retail push – Reuters

LONDON, June 17 (Reuters) - JPMorgan Chase (JPM.N) has bought British digital wealth manager Nutmeg as part of the U.S. bank's expansion into the UK retail banking and investment market.

The U.S. bank is looking to take on established British retail banking rivals and a growing band of fintechs with plans to become a full-service retail bank under its Chase brand. It will compete with Goldman Sach's (GS.N) consumer brand Marcus, which launched in Britain in 2018.

Nutmeg - which has more than 140,000 clients and more than 3.5 billion pounds ($4.89 billion) in assets under management - will form the basis of JPMorgan Chase's retail digital wealth management offering internationally, Nutmeg said in a statement.