JPMorgan buys UK pensions technology firm WealthOS, memo shows

Jan 22 (Reuters) - U.S. ⁠banking giant ⁠JPMorgan ‍Chase has closed a deal to buy UK-based pensions technology platform WealthOS, ‍according to an internal memo seen by ​Reuters on Thursday.

The acquisition will deepen the bank's footprint ​in pensions, positioning it to tap demand for retirement planning products as customers seek predictable income in later life.

Founded ​in 2019, WealthOS runs a technology-focused wealth management platform with a workforce in the ​UK and Sri Lanka, all of whom will join JPMorgan, the ‌memo sent by Edmund Cohen, head of pensions and wealth products at the ​bank, said.

J.P. Morgan Personal ⁠Investing plans to use the technology capabilities of WealthOS to enhance its pensions ‌offering, the memo added.

Private banking is a large and competitive market in the UK, shaped by the ‌country's role as a global financial centre and home ‌to a high concentration of wealthy individuals, family offices and international investors.

Demand has been supported by an ageing ‍population, rising cross-border wealth flows and a growing need for advice on ⁠succession, tax and retirement planning, making the segment a steady source of fee income for banks and asset managers.

(Reporting by Manya Saini in Bengaluru; Editing by Alan Barona)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• I Squared Capital agrees to buy oOh!media for A$898M
• Houthis resume attacks on Yemen's Mocha port city, Yemeni military spokesperson says
• Treasury Wine announces $395 million charge tied to US supply chain revamp