JPMorgan Chase & Co. has acquired LayerOne Financial, an investment management platform previously spun out from Fortress Investment Group, to enhance its services for hedge funds. The acquisition was made through JPMorgan’s subsidiary, Neovest Inc. With this move, Neovest’s clients will gain access to a comprehensive platform for portfolio monitoring, risk assessment, order placement, and compliance checks.
Jimmi Shah, CEO of Neovest, highlighted the ability for clients to manage their entire investment process through a single software provider. This acquisition reflects banks’ efforts to expand their market share in serving hedge funds, which has remained robust despite slower dealmaking and capital markets activity.
Neovest’s platform currently serves over 500 clients within JPMorgan. LayerOne, which became an independent entity in 2017, was advised by SenaHill Partners, with legal counsel provided by Morgan, Lewis & Bockius LLP.
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