Chase UK

JPMorgan Chase enters agreement to acquire digital wealth manager - Nutmeg

3 min | 17 June 2021

  • Nutmeg will become an integral part of the bank’s international offering, complementing the launch of Chase as a digital bank in the U.K., due later this year.
  • Nutmeg customers will continue to benefit from the full range of current products and services.

London, June 17, 2021 – JPMorgan Chase (NYSE: JPM) today announced it has entered into an agreement to acquire Nutmeg Saving and Investment Limited (Nutmeg), subject to regulatory approval. Nutmeg, one of the U.K.’s leading independent digital wealth managers, will complement the digital bank that is planned for launch in the U.K. later this year under the Chase brand.

Since it launched in 2012, Nutmeg has become one of the most successful digital challengers in the British wealth management market, building a customer base of over 140,000 investors, and amassing over £3.5 billion of assets under management (AUM) – a growth of 70% year on year. The company offers award-winning ISAs1, Junior ISAs, Lifetime ISAs, pensions and general investment accounts available through a range of investment styles, including Smart Alpha portfolios that combine active and passively managed exchange-traded funds (ETFs) powered by J.P. Morgan Asset Management.

Sanoke Viswanathan, CEO of International Consumer at JPMorgan Chase said: “We are building Chase in the U.K. from scratch using the very latest technology and putting the customer’s experience at the heart of our offering, principles that Nutmeg shares with us. We look forward to positioning their award winning products alongside our own, and continuing to support their innovative work in retail wealth management.”

Neil Alexander, CEO of Nutmeg said: “Nutmeg’s customers can expect the same level of transparency, convenience and service that helped make us a leading digital wealth manager in the U.K. I am truly impressed with the digital experience that Chase is building for the U.K., and this new chapter in our story will see Nutmeg’s customers benefit from a wider range of products and services in the future, and allow us to expand into new markets.”

Upon launch, Chase will have a unique opportunity to make a difference for U.K. consumers, by blending the reassurance of an established and trusted bank with a seamless customer experience. The bank intends to offer a range of products, launching at first with a new take on current accounts. The offering is currently being piloted in an internal testing phase, prior to public release.

In the United States, Chase is a leader in consumer banking and offers a wide range of banking products to more than 56 million digitally active customers.

JPMorgan Chase was advised by J.P. Morgan Securities plc. as financial advisor, and Freshfields Bruckhaus Deringer LLP as legal counsel. Nutmeg was advised by Arma Partners LLP as financial advisor, and Taylor Wessing LLP as legal counsel.

About JPMorgan Chase

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.7 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at

About Nutmeg

Nutmeg is one of the U.K.’s leading digital wealth managers, offering clarity and transparency to both seasoned and first-time investors as they seek to achieve their financial goals. Launched in September 2012, Nutmeg now manages over £3.5bn on behalf of over 140,000 clients who have sought the powerful combination of an easy-to-use, adaptable investment service and market-leading human advice. Nutmeg is now the U.K.’s fourth largest wealth manager overall and one of the fastest growing (PAM: January 2021), at a time when people are seeking the closer relationship with money that technology can provide. For more information, please see:

All information correct at time of publication


Make more of every day

Be one of the first to bank with Chase in the UK.
Get the app
User laughing at phone