JPMorgan Chase strikes deal to buy robo-adviser Nutmeg - but there's no change for investors
JPMorgan Chase has this week struck a deal to purchase UK digital investment platform Nutmeg. Both firms have confirmed there will be no change for Nutmeg customers for now, although they've promised a wider range of products and services in future.
Nutmeg is currently one of MoneySavingExpert.com's best buys for Stock and Shares ISAs and Lifetime ISAs. But both JPMorgan Chase (JPMC) and Nutmeg told us the services and products used by Nutmeg customers are not affected in the short-term by the deal, which is still subject to regulatory approval.
This means you do not need to do anything or change the way you use Nutmeg as the services you receive aren't changing for now. For example, to open one of Nutmeg's LISAs, you'll continue to need a minimum deposit of £100 and its annual platform charge will remain at 0.45% or 0.75% depending on which investment portfolio you opt for, with no transfer out fee.
Longer-term, JPMC plans to invest in Nutmeg with the aim of expanding its range of services and products, as well as building on its "customer experience". If you need to get in touch with Nutmeg, the process is still the same and its customer services team can be contacted via its web page, where you'll find its email address. Alternatively, you can call it on 020 3598 1515.
Nutmeg is a robo-adviser that chooses investments based on your attitude to risk
Nutmeg is one of many robo-advisers that chooses your investment portfolio based on your attitude to risk – so it will ask you questions when you open your account and recommend a portfolio to suit the level of risk you're willing to take. This means you don't get to choose the exact investments your money goes into.
The platform has a range of investments from cheaper portfolios determined by computer algorithms to pricier ones that are actively managed, which means humans are making the investment decisions to try and boost the portfolio's performance.
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