In an effort to enhance its services for hedge funds, JPMorgan Chase has purchased LayerOne Financial, an investment management platform.
The transaction was completed by JPMorgan’s completely owned subsidiary Neovest Inc.
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Neovest’s clients will benefit from the acquisition by having access to a single platform for portfolio monitoring, risk assessments, broker orders, and compliance checks.
Over 500 clients are served by Neovest’s platform at JPMorgan.
In spite of a decline in negotiating and a slowdown in capital markets activity, banks have been fighting for a larger portion of the hedge fund services market, which has remained stable in the past few years.
LayerOne began operating independently in 2017, after being cut off from Fortress Investment Group.
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By GlobalDataBoth businesses value modularity and an open platform strategy, which has led to their respective growth.
The entire investment process will be covered by this integrated solution, giving clients the ability to keep an eye on their portfolios, evaluate risks, place orders with their brokers, carry out the required compliance checks, and effectively manage their positions.
SenaHill Partners assisted the company on this transaction, and Morgan, Lewis & Bockius LLP provided legal guidance.
JPMorgan and Gibson, Dunn & Crutcher LLP provided advice to Neovest.
Jimmi Shah, Neovest CEO said: “We are excited to acquire LayerOne Financial to enhance our offering and support our clients in finding efficiencies in their investment operations. Following this acquisition, Neovest can enable clients to manage their full investment lifecycle with one software provider with industry-leading capabilities. Neovest’s key objectives are creating an exceptional client experience from on-boarding to trade execution management and expanding our product capabilities to advance and differentiate from other investment management platforms. LayerOne’s technology and people are perfectly placed to help us on this journey.”
Kyle Zasky, LayerOne Financial CEO added: “Our mission is to deliver innovative and customer-centric products that provide a wide range of critical operational capabilities and insights for clients. The strategic combination of Neovest and LayerOne solidifies our ability to offer a powerful, cohesive and holistic offering. We are so proud of our team and are excited to become part of Neovest. It’s the right next step for our people, our clients and our business.”
Furthermore, last month, JPMorgan Private Bank added a new group of committed advisers to Edinburgh, increasing its presence in Scotland.
Together with the current Edinburgh-based staff, the new group of committed advisers will offer JPMorgan Private Bank wealth management services to individuals, family offices, charitable organisations, and family foundations throughout Scotland.
