JP Morgan Chase to buy loss-making robo-adviser Nutmeg

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 starting as the UK pioneer back in 2012, not seeing a profitable 12 months since. 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 made a number of sizeable fundraises to en...