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JP Morgan to acquire values-based investment specialist OpenInvest

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JP Morgan is acquire OpenInvest, a financial technology company that helps financial professionals customise and report on values-based investments. 

The company will retain its own brand and be integrated into JP Morgan’s Private Bank and Wealth Management client offerings. The terms of the deal were not disclosed.

Backed by capital from Andreessen Horowitz, Y Combinator, QED, and others, OpenInvest was founded in 2015 with a core focus on helping advisors unlock the true impact of their clients’ investments.  

“Clients are increasingly focused on understanding the environmental, social, and governance (ESG) impact of their portfolios and using that information to make investment decisions that better align with their goals,” says Mary Callahan Erdoes, CEO, JP Morgan Asset & Wealth Management.

“At OpenInvest, we believe that aligning capital with social and environmental values is a critical driver of widespread change,” says Conor Murray, Co-founder and CEO, OpenInvest.

“Our partnership with JP Morgan combines leading ESG technologies with America’s largest bank and the ability to reach nearly half of all American households,” says Joshua Levin, Co-founder and Chief Strategy Officer, OpenInvest.

“OpenInvest will be a powerful resource for our advisors to use in helping clients personalize their investments,” says Michael Camacho, CEO, JP Morgan Wealth Management Solutions.

“This acquisition further advances our strategic focus on sustainable investing, and we are thrilled to welcome OpenInvest to JP Morgan,” said Ben Hesse, Head of Strategy and Business Development for JP Morgan Asset & Wealth Management.

This announcement follows JP Morgan Asset Management’s recent acquisition of 55ip, a leading financial technology company focused on delivering tax-smart investment strategies through model portfolios. Over time, JP Morgan will leverage OpenInvest’s ESG capabilities with 55ip’s tax-smart investment strategies to deliver customized solutions to Private Bank and Wealth Management clients that are values-aligned and tax-efficient.

OpenInvest was advised by Moelis & Company LLC as financial advisor, and Morrison & Foerster LLP served as legal counsel. Dechert LLP served as legal counsel to JP Morgan during the acquisition process. The deal is expected to close in the third quarter.

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