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Major stake in FundsHub for JP Morgan

JP Morgan has acquired a majority holding in third party fund supermarket technology and operations provider FundsHub from founding firm Investia.

JP Morgan is understood to be acquiring a 85 per cent share in the company for between US$10-$15m (£7.1m to £10.5m), with FundsHub&#39s management team taking the remaining 15 per cent.

Both owners intend to inject more capital into the provider, launched in April 2000 in a joint venture by Investia and JP Morgan. Although it has provided technology for firms including Charcol Online and Old Mutual multi-manager Selestia, FundsHub is yet to turn a profit.

JP Morgan and FundsHub&#39s management team say they hope the extra capital will enable the company to make the transition to profitability.

FundsHub chief executive Mark Lund says: “This is a positive step forward for our business and will give a new focus and sense of independence for FundsHub after a remarkable year for the company.”

JP Morgan Partners senior partner Jonathan Meggs says: “Our investment reflects the strong belief that more and more financial services organisations will deploy FundsHub&#39s product to enable their customers to reach and purchase investment funds via both existing and new sales distribution channels.”

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