JP Morgan has bought a majority shareholding in FundsHub, a European provider of fund supermarket so...
JP Morgan has bought a majority shareholding in FundsHub, a European provider of fund supermarket software.
The group acquired the stake from founder and shareholder Investia for an undisclosed sum and will inject sufficient liquidity to ensure FundsHub's survival until it reaches profitability.
Launched back in April 2000, FundsHub has gone on to provide the infrastructure for such recent supermarket launches as Old Mutual's online multi-manager, Selestia, last November, and Charcol Online's supermarket in June. Mark Tennant, senior vice president at JP Morgan Investor Services said: 'This additional commitment to FundsHub is evidence of our continuing belief in the increasingly important role fund supermarkets will play in Europe as open architecture becomes the norm.'
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