JPMorgan Chase, the US-based banking giant, has acquired the British pensions technology company WealthOS as part of its effort to enhance retirement planning services for personal investing clients.

Founded in 2019 and chaired by former Google executive John Herlihy, WealthOS specializes in wealth management software.

The acquisition was announced internally this week by JPMorgan Chase’s personal investing division, formerly known as Nutmeg. The purchase price has not been disclosed.

WealthOS operates with teams in both the UK and Sri Lanka, where it maintains a product and software engineering centre.

JPMorgan has made significant inroads into the UK personal banking and wealth management sector in recent years, launching a digital savings bank under the Chase brand in 2021. The same year, it acquired Nutmeg, reportedly for about £700 million.

Now rebranded as J.P. Morgan Personal Investing, the division serves approximately 275,000 customers in the UK. According to an internal memo, the acquisition of WealthOS will provide JPMorgan with access to advanced technology and deep expertise in the pensions and wealth management sector.