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JPMorgan buys UK pension tech platform WealthOS - report
(Sharecast News) - JPMorgan Chase has agreed to acquire UK-based pensions technology platform WealthOS for an undisclosed sum, it was reported on Thursday, as the US banking group continues to expand its personal investing and retirement planning capabilities in Britain. The deal, announced internally within JPMorgan's personal investing division, would bring the London-founded software business into the group nearly six years after its launch.
WealthOS, established in 2019 and chaired by former Google executive John Herlihy, provides wealth management and pensions technology, with staff split between the UK and Sri Lanka, where it operates a product and engineering centre.
The acquisition would strengthen JPMorgan's push into UK retail banking and wealth management, following the launch of its digital savings bank under the Chase brand in 2021 and the purchase of Nutmeg in the same year.
Nutmeg, now operating as JPMorgan Personal Investing, serves around 275,000 UK customers and has been central to the group's efforts to build a broader investment offering for retail clients.
In an internal memo reported by Sky News, the bank said the acquisition of WealthOS would provide access to advanced technology and specialist expertise in the pensions sector.
The financial terms of the transaction were not disclosed, and JPMorgan Chase had not commented publicly on the deal by Thursday afternoon.
Reporting by Josh White for Sharecast.com.
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