J.P. Morgan private bank invests in two Swiss fintechs

J.P. Morgan Private Bank JPM has invested in two Swiss fintech companies that specialise in software that helps advisers customise portfolios for wealthy clients in Europe, the Middle East, Latin America and Asia, it said on Thursday.

It gave no financial details of what it called a "strategic" investment in Edge Laboratories SA and Evooq SA (Evooq), which were already partners.

Their software focuses on analysing risk, building and optimising portfolios, and offering advisory platforms.

"With this investment, Edgelab and Evooq gain capital at a critical stage of growth for the companies that will help increase resources needed to deliver core portfolio products and initiatives," Edgelab and Evooq Chief Executive and founder Cedric Ullmo said in a statement.

Edgelab and Evooq, which together employ 285 staff, work for large banks, wealth managers and pension funds.

J.P. Morgan Private Bank, which manages around $1.8 trillion, has since 2021 bought fintech companies OpenInvest and Global Shares and invested in data groups Kraft Analytics Group and MioTech.