JPMorgan is to launch a retail wealth management and investment business with its own DIY investment platform next month.

The new business replaces the firm’s digital wealth manager Nutmeg.

JPMorgan Personal Investing will offer managed investments, pensions and ISAs alongside a range of digital financial planning tools, dedicated relationship managers, and a new DIY investment platform next year.

The service will be open to those with as little as £100 to invest.

It will be available as a standalone offering and via the Chase UK app.

As well as existing Nutmeg products and services, JPMorgan Personal Investing clients will have access to a new digital guidance tool, Wealth Planner.

Clients with over £250,000 invested will also have access to a dedicated relationship manager to provide personalised financial guidance as well as the paid-for restricted service currently offered.

The firm will launch a full DIY investment platform next year, offering investors the ability to buy and sell shares, bonds, funds and other asset classes.

Mark O’Donovan, CEO of international consumer banking at JPMorganChase, said: “As J.P. Morgan Personal Investing, we want to provide consumers with a broader wealth management and investment offering. By providing access to one of the world's most respected investment houses, an expanded team of financial planning and investment experts and an intuitive digital experience from a tech innovator.”

JPMorgan acquired Nutmeg in 2021 and manages investment on behalf of over 265,000 investors.

The Nutmeg brand will be retired from November. Customers will see their app and website dashboard transition to the new brand from 3 November. Nutmeg currently has a team of 30 wealth advisers, paraplanners and financial advisers who will transition to the new brand.