JP Morgan to buy loss-making robo-adviser Nutmeg

Pioneering and loss-making robo-advice company Nutmeg is set to be acquired by JP Morgan Chase. The acquisition of Nutmeg will complement the launch of its digital bank under its 'Chase' brand later on in 2021, the firm said. Nutmeg provides a digital advice service to 140,000 customers who hold £3.5bn invested assets with the firm. Nutmeg has lost a lot of money in its bid to gain scale in the robo-advice market after being the UK pioneer. In its 2017 financial year, Nutmeg lost £12.15m and then went on to lose a further £15.5m and £19m in the two subsequent years. The firm mad...