JP Morgan is to scrap its Nutmeg brand and roll its services into a new consumer wealth management business as it intensifies its battle with market leader Hargreaves Lansdown.
The new service, dubbed JP Morgan Personal Investing, will offer managed investments, pensions, and ISAs alongside digital financial planning tools and dedicated relationship managers.
The bank will also launch what it calls a “DIY investment platform”, offering investors the ability to buy and sell their own shares, bonds, funds and other asset classes.
“Consumers in the UK are world-leading in adopting digital financial services, and today is an important next step in the evolution of our offering in the UK market, leveraging JP Morgan expertise and heritage to provide consumers with exceptional investment products and services,” said Mark O’Donovan, CEO of International Consumer Banking at JPMorganChase.
Nutmeg was founded in 2011 by entrepreneur Nick Hungerford before being sold to JP Morgan in a £700m deal. Hungerford died in 2023 at the age of 43. According to JP Morgan, the company has more than doubled its assets under management, from £3.5bn at the point of acquisition to over £8.5bn, and now manages investments on behalf of over 265,000 investors, up from 140,000 at acquisition.
The Nutmeg brand will be retired from November 2025 and customers will see their Nutmeg app and website dashboard transition to the new J.P. Morgan Personal Investing brand.
Tell Sid, again
The rebranding comes as part of a government-led push to encourage more Brits to invest into stocks and shares and move away from parking their savings in cash.
The campaign, which is being led by the Investment Association, was announced as part of Reeves’ Mansion House package where the Chancellor made her pro-business plea to the City.
According to a plan laid out by the Investment Association – advertising giant WPP will propose three scenarios for the campaign costing between £15m and £40m.
The range of advertising formats will include a “hero” film to encourage Brits to own stocks, social media content, TV slots and digital ads.
But firms will also bear the brunt of agency fees, production fees and variable costs including the delivery platforms used and how many “bursts” of advertisement activity companies decide to conduct throughout the year.