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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.
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.
(Reporting by Sohini Podder in Bengaluru; Editing by Shounak
Dasgupta)
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