🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Stocks

JPMorgan to buy ESG-focused fintech startup OpenInvest

Published 06/29/2021, 07:33 AM
Updated 06/29/2021, 07:35 AM
© Reuters. FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015.  REUTERS/Mike Segar
JPM
-

(Reuters) - JPMorgan Chase & Co (NYSE:JPM) said on Tuesday it would buy OpenInvest, a fintech startup backed by Andreessen Horowitz and Y Combinator.

Founded in 2015, OpenInvest's products allow financial advisers to build, manage and report on their environmental, social, and governance (ESG) portfolios, according to its website. It also offers ESG investment management products.

The terms of the deal were not disclosed. A spokesperson for the bank declined to comment on the financial details of the deal.

"Clients are increasingly focused on understanding the impact of their ESG portfolios and using that information to make investment decisions that better align with their goals," J.P. Morgan Asset & Wealth Management CEO Mary Callahan said.

The deal comes as the pandemic has also caused a surge in interest in companies that perform well on ESG targets such as lowering climate emissions or encouraging more diverse workforces.

© Reuters. FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015.  REUTERS/Mike Segar

OpenInvest will retain its own brand name and will be integrated into J.P. Morgan's Private Bank and Wealth Management client offerings, the bank said.

The acquisition comes weeks after the bank said it has bought British digital wealth manager Nutmeg as part of its expansion into the UK retail banking and investment market.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.