Advising Nutmeg on its acquisition by JPMorgan Chase

We have advised long-standing client Nutmeg Saving and Investment Limited (Nutmeg) on its sale to JPMorgan Chase.

Nutmeg is one of the UK’s leading independent digital wealth managers. This acquisition (subject to regulatory approval) by JPMorgan Chase positions the company as an integral part of the bank’s international offering, and complements the launch of Chase as a digital bank in the UK, planned for later this year.

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, a growth of 70% year on year. The company offers award winning ISAs, 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 powered by J.P. Morgan Asset Management.

This complex deal drew on deep expertise from across the firm's Corporate, Tax & Incentives, Financial Services & Competition, and Commercial Technology and Data teams.

Commenting on the transaction, Partner Howard Palmer, said: "Nutmeg has established a strong reputation in the democratisation of wealth management in the UK. This exciting partnership combines the benefits of their services and vision for the sector with the renowned expertise of JPMorgan Chase. Having been involved with the company's revolutionary journey since pre-incorporation, it's a great privilege to be part of this transformational acquisition, and to continue our long-standing support of Nutmeg. We know the launch of Chase will be a huge success."

Neil Alexander, CEO of Nutmeg added: "This new chapter in our story will see Nutmeg’s customers benefit from a wider range of products and services in the future, and will allow us to expand into new markets. Howard and the wider Taylor Wessing team have been exceptional throughout the process and brought their market excellence to this deal. They provided tremendous value to us with their experience and highly technical, commercial advice."

The team was led by Corporate Partner Howard Palmer, with Senior Associates Richard Faichney and Elinor Picton and Associate Nell Cooper.

Additional support was provided by:

• Partner: Anna Humphrey, Paolo Palmigiano, Graham Hann and Charlotte Hill
• Senior Counsel: Louisa Penny and James Stewart
• Senior Associate: Karen Bail and Kelly Burke
• Associate: Jessica Berkeley, Marina Constanti, Arnav Gupta and Marianna Vlas