Press Releases

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:


Press Q&A

When will this deal close?
The deal is subject to regulatory approval but is expected to close in the second half of this year.

Will Nutmeg continue to operate as a distinct business?
Nutmeg customers and the products and services that they currently enjoy will be unaffected. Over time, Nutmeg and JPMorgan Chase will work together to integrate their products and teams and create an even better customer experience.

What about the Nutmeg brand – will that go away?
Nutmeg is a great brand and enjoys strong consumer awareness in the U.K. We are also lucky to have two strong brands in J.P. Morgan and Chase. We will conduct detailed research and take a considered decision on brand choice over time.

How will this affect Nutmeg’s customers and their investments?
The products and services Nutmeg’s customers currently enjoy will be unaffected. Upon closing, JPMorgan Chase intends to invest in the Nutmeg offering and customer experience that has made it one of the most successful digital challengers in the U.K.’s wealth management market.

Will Nutmeg’s products be available to Chase customers in the U.K. when the new digital retail bank launches later this year?
No, not initially. Chase will launch at first with a current account, accessed via an innovative mobile app. Further product announcements will be made in the months that follow.

This adds wealth management alongside your digital retail offering in the U.K. – when can future Chase customers expect a credit card or savings account?
Chase has plans to offer a full suite of consumer banking products in the U.K. over time. We look forward to making further announcements when we are ready.

Will Nutmeg’s customers be offered exclusive offers from Chase once it launches?
It is too early to talk about any consumer promotions between the two firms, but any such arrangements would be subject to established customer marketing preferences.

Why did Chase not build this itself?
We have been focused on building current accounts as the first digital banking product in the U.K. market.

Nutmeg will form the basis of the bank’s retail wealth management offering internationally over the long term.

Nutmeg has built a strong offering in digital wealth management with customer convenience and product transparency at its heart. It has a shared ethos with JPMorgan Chase and a complementary product set that will enable the two firms to better drive consumer value.

Why aren’t you transferring your existing US wealth management offerings to the U.K.?
Our US consumer wealth management platform is specifically developed for that market. The regulatory requirements for products in the U.K and Europe are different to the extent that it makes sense to take a different approach.

What relation will Nutmeg have to J.P. Morgan Asset Management (JPMAM)?
JPMAM already powers one of Nutmeg’s existing investment styles – the Smart Alpha portfolios - and there is the opportunity for further partnership across JPMorgan Chase to the benefit of Nutmeg customers.

Does this mean Nutmeg portfolios will only use JPMAM ETFs? Will you keep the other portfolio ranges?

Nutmeg customers will not notice any difference to the products and services that they currently enjoy.

Who will lead the consumer wealth management offering at JPMorgan Chase internationally?
Upon closing, Neil Alexander, the current CEO of Nutmeg, and the executive team will continue to run the business and will work alongside Chase in the U.K.

What about Nutmeg’s own contact centre – will that close?
JPMorgan Chase has no plans to disrupt Nutmeg’s successful business model or operations, which will continue as they are.

When Chase launches in the U.K., will there be API integrations between the banking and digital wealth management services – i.e. will bank customers be able to see existing Nutmeg portfolios in the Chase app?
Nutmeg customers won’t be able to see their portfolios via the Chase U.K. app initially, but we will work together to integrate the experience over time.

Will JPMorgan Chase operate consumer businesses in other countries outside of the United States, other than the U.K.?
Currently, our main focus is on rolling out products and services in the U.K. In the future, we may also consider the opportunity in other markets.



1. Nutmeg was awarded ‘Best Online Stocks & Shares ISA Provider’, 2015-19 by