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MarketScreener Homepage  >  Equities  >  Nyse  >  JPMorgan Chase & Co.    JPM

JPMORGAN CHASE & CO.

(JPM)
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Goldman Sachs backs UK-based robo adviser Nutmeg in latest funding round

01/22/2019 | 12:31pm EST

(Reuters) - U.K.-based online wealth manager Nutmeg said https://www.nutmeg.com/nutmegonomics/goldman-sachs on Tuesday it raised $58.2 million in funding from investors, including Goldman Sachs Group Inc, proceeds of which will be used mainly for international expansion.

The latest funding round values Nutmeg Saving and Investment Ltd at 245 million pounds ($317.1 million), the company said.

Goldman's investment in Nutmeg is occurring as financial institutions, especially traditional banks, spend millions of dollars to drive tech innovations in their banking operations and enhance their appeal to digitally-inclined consumers.

Banks like Goldman, JPMorgan Chase & Co, Wells Fargo and mammoth wealth managers such as BlackRock Inc have been investing in robo-advisers to overhaul their distribution models in the face of tougher regulation, take some pressure off fees and cater to the changing investment needs of a younger generation.

Nutmeg is an online investment service provider which specialises in individual savings account, pension and general investment.

Its latest funding round also saw participation from its existing shareholder, Convoy Global Holdings Ltd, a Hong Kong-based financial advisory firm.

Nutmeg has raised nearly $90 million in four funding rounds, the last of which was in December 2016, according to data website Crunchbase.

($1 = 0.7726 pounds)

(This story corrects paragraph one to add dropped words "from investors including"; updates headlines)

(Reporting By Aparajita Saxena in Bengaluru; Editing by James Emmanuel)


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
BLACKROCK, INC. 2.42% 715.23 Delayed Quote.42.28%
CONVOY GLOBAL HOLDINGS LIMITED -7.22% 0.167 End-of-day quote.0.00%
JPMORGAN CHASE & CO. 1.58% 119.74 Delayed Quote.-15.44%
JUST GROUP PLC -2.47% 55.55 Delayed Quote.-28.23%
LETS HOLDINGS GROUP CO., LTD. -1.52% 9.08 End-of-day quote.50.33%
LOOK HOLDINGS INCORPORATED -6.51% 976 End-of-day quote.-22.04%
THE GLOBAL LTD. 6.25% 289 End-of-day quote.-38.64%
THE GOLDMAN SACHS GROUP, INC. 0.65% 232.08 Delayed Quote.0.28%
WELLS FARGO & COMPANY 2.60% 28.06 Delayed Quote.-47.84%
WILL GROUP, INC. -3.36% 979 End-of-day quote.-21.81%
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Financials (USD)
Sales 2020 118 B - -
Net income 2020 22 945 M - -
Net Debt 2020 - - -
P/E ratio 2020 16,1x
Yield 2020 3,01%
Capitalization 365 B 365 B -
Capi. / Sales 2020 3,09x
Capi. / Sales 2021 3,26x
Nbr of Employees 256 358
Free-Float 73,6%
Chart JPMORGAN CHASE & CO.
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JPMorgan Chase & Co. Technical Analysis Chart | JPM | US46625H1005 | MarketScreener
Technical analysis trends JPMORGAN CHASE & CO.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 119,81 $
Last Close Price 119,74 $
Spread / Highest target 20,3%
Spread / Average Target 0,06%
Spread / Lowest Target -33,2%
EPS Revisions
Managers
NameTitle
James Dimon Chairman & Chief Executive Officer
Gordon A. Smith Co-President & Co-Chief Operating Officer
Daniel E. Pinto Co-President & Co-Chief Operating Officer
Jennifer A. Piepszak Chief Financial Officer
Lori A. Beer Chief Information Officer
Sector and Competitors