JPMorgan Acquires WealthOS to Strengthen UK Pensions Technology

JPMorgan's Strategic Move in the UK Pensions Market

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.

Details of the Acquisition

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.

Market Implications and Demand

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)