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JPMorgan Chase (NYSE:JPM), through its wholly-owned subsidiary Neovest, acquired LayerOne Financial, an investment management platform, in a bid to enhance its offerings for hedge funds, according to a recent statement.
As part of the deal, financial terms of which were not disclosed, Neovest’s clients will be able to surveil their portfolios, conduct risk assessments, send orders to their brokers and perform certain compliance checks all from one place.
“Following this acquisition, Neovest can enable clients to manage their full investment life cycle with one software provider,” Neovest CEO Jimmi Shah said in the statement. Neovest serves over 500 clients with its platform.
After spinning off from Fortress Investment Group in 2017, LayerOne commenced independent operations.