JPMorgan Chase to Buy OpenInvest for Undisclosed Amount
June 29 2021 - 7:13AM
Dow Jones News
By Dave Sebastian
JPMorgan Chase & Co. said it has agreed to buy
financial-technology company OpenInvest for an undisclosed amount,
in a bid to enhance environmental, social and governance investing
capabilities for wealth-management clients.
OpenInvest will retain its brand and join JPMorgan's private
bank and wealth management offerings, JPMorgan said Tuesday.
"Clients are increasingly focused on understanding the [ESG]
impact of their portfolios and using that information to make
investment decisions that better align with their goals," said Mary
Callahan Erdoes, chief executive of J.P. Morgan Asset & Wealth
Management.
The deal follows J.P. Morgan Asset Management's acquisition of
55ip, a financial-technology company focused on tax-efficient
investment strategies.
OpenInvest was founded in 2015 and is backed by capital from
Andreessen Horowitz, Y Combinator, QED and others.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
June 29, 2021 07:00 ET (11:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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