JPMorgan (JPM) Buys UK Pensions Platform WealthOS

JPMorgan Chase & Co. (NYSE:JPM) is one of the 11 Most Profitable Cheap Stocks to Invest In Now. On January 22, Reuters reported that JPMorgan Chase & Co. (NYSE:JPM) has completed a deal to acquire WealthOS, a UK-based pensions technology platform. This information comes from an internal memo seen by Reuters.

This transaction is expected to strengthen JPMorgan Chase & Co.’s (NYSE:JPM) presence in the pensions industry and position the company to benefit from the growing demand for retirement planning products that offer stable income in later life.

WealthOS operates a technology-focused wealth management platform and has employees in Sri Lanka and the UK. According to the memo sent by Edmund Cohen, head of pensions and wealth products at JPMorgan Chase & Co. (NYSE:JPM), all of the WealthOS workforce will join the company. J.P. Morgan Personal Investing aims to use WealthOS’s technology to improve its pensions offerings.

Earlier, on January 7, BofA Securities increased its price target on JPMorgan Chase & Co. (NYSE:JPM) from $350 to $362 and kept its Buy rating. The research firm pointed to the company’s strength in technology, including digital banking and blockchain. BofA Securities believes that this offers JPMorgan Chase & Co. (NYSE:JPM) “significant strategic optionality” to grow client wallet share and grow its revenue.

JPMorgan Chase & Co. (NYSE:JPM) is an American multinational financial services firm with leading positions in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management.

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Disclosure: None. This article is originally published at Insider Monkey.