JPMorgan acquires startup Layerone to boost hedge fund offerings

JPMORGAN Chase acquired LayerOne Financial, an funding administration platform that was spun out from Fortress Investment Group, because it seeks to enhance its choices for hedge funds.

JPMorgan’s wholly-owned subsidiary Neovest did the deal, in accordance with a press release. With the deal, Neovest’s purchasers will have the ability to monitor their portfolios, conduct threat assessments, ship orders to their brokers and carry out compliance checks all from one platform, the businesses mentioned within the assertion.

“Following this acquisition, Neovest can enable clients to manage their full investment life cycle with one software provider,” Jimmi Shah, Neovest’s chief government officer, mentioned within the assertion.

Banks have been clamouring to achieve extra market share within the enterprise of providing providers to hedge funds, which has held up in recent times at the same time as dealmaking slumped and capital markets exercise tapered off. Within JPMorgan, Neovest’s platform serves greater than 500 purchasers.

LayerOne started unbiased operations in 2017 after it was spun off from Fortress Investment Group. For this transaction, the corporate was suggested by SenaHill Partners, whereas Morgan, Lewis & Bockius offered authorized counsel.

Neovest was suggested by JPMorgan and Gibson, Dunn & Crutcher. BLOOMBERG