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JPMorgan agrees to purchase values-investing fintech OpenInvest

JPMorgan agrees to purchase values-investing fintech OpenInvest
JPMorgan Chase agreed to buy OpenInvest, a financial technology firm that offers services for values-based investing.

Founded in 2015, OpenInvest is backed by Andreessen Horowitz and Y Combinator, among others, JPMorgan said Tuesday. Terms of the transaction weren’t disclosed.

Christopher Lee/Bloomberg

“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,” Mary Erdoes, chief executive of JPMorgan’s asset and wealth management business, said in a news release.

The deal follows JPMorgan’s recent takeover of 55ip, a fintech that focuses on helping investors cut their tax liabilities. The moves position the New York-based bank to broaden offerings to financial advisers, a key source of growth in the asset management industry.

With returns in flux because of rock-bottom interest rates and volatility, investors have been focusing more on how their portfolios perform after accounting for taxes. At the same time, many are stressing the importance of sustainable and socially conscious investing.


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