JPMorgan Chase, a leading U.S. banking institution, has successfully completed the acquisition of WealthOS, a UK-based pensions technology platform. This information was disclosed in an internal memo accessed by Reuters on Thursday.

The acquisition is set to enhance JPMorgan’s presence in the pensions sector, enabling the bank to meet the increasing demand for retirement planning products as customers look for stable income sources in their later years.

Founded in 2019, WealthOS operates a technology-driven wealth management platform with teams located in both the UK and Sri Lanka. According to the memo from Edmund Cohen, head of pensions and wealth products at JPMorgan, all employees of WealthOS will be integrated into the JPMorgan workforce.

J.P. Morgan Personal Investing intends to leverage the technological expertise of WealthOS to bolster its pensions offerings, as detailed in the memo.

The private banking sector in the UK is extensive and highly competitive, reflecting the country’s status as a global financial hub and its significant concentration of affluent individuals, family offices, and international investors.

The sector’s growth is fueled by an ageing population, increasing cross-border wealth flows, and a rising demand for guidance on succession, tax, and retirement planning. These factors make it a reliable source of fee income for banks and asset managers.