Neovest Inc, a wholly-owned subsidiary of JPMorgan Chase & Co, said that it had finalized the acquisition of LayerOne Financial, a leading investment management platform.
LayerOne Financial has created PortfolioOne – a comprehensive, cross-asset platform designed to address the current, real-world operational challenges that hedge funds are facing.
The acquisition of LayerOne Financial will enable Neovest to offer integrated portfolio, order and execution management services through a unified platform.
The enhanced Neovest platform will be available to hedge funds in a modular framework, Neovest said.
”We are excited to acquire LayerOne Financial to enhance our offering and support our clients in finding efficiencies in their investment operations. Following this acquisition, Neovest can enable clients to manage their full investment lifecycle with one software provider with industry-leading capabilities,” Jimmi Shah, Neovest’s Chief Executive Officer, said in a press release.
”Neovest’s key objectives are creating an exceptional client experience from on-boarding to trade execution management and expanding our product capabilities to advance and differentiate from other investment management platforms. LayerOne’s technology and people are perfectly placed to help us on this journey.”
Stock Performance
The shares of JPMorgan Chase & Co (JPM) closed 1.00% ($1.87) higher at $188.55 in New York on Tuesday, as they extended the gain from the previous market session.
The financial group’s total market cap now stands at $543.094 billion.
The shares of JPMorgan Chase & Co (JPM) went up 26.84% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).
The lender’s shares have risen 10.85% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, at least 17 out of 23 surveyed investment analysts had rated JPMorgan Chase’s stock as “Buy”, while 6 – as “Hold”. The median price target on the stock stands at $193.85, which translates into a 2.81% upside compared to the closing price on Tuesday.
The high point of the analyst forecast range stands at $238.00.
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