Former JP Morgan execs set up wealthtech business

A team of former JP Morgan executives have secured funding for the launch of a wealth management platform.

According to its owners, Vestrata will use a combination of proprietary technology and investment products designed with third party managers to enhance the client engagement process for financial advisors. The team has raised a total of  $4 million (€3.23 million) for the endeavour.

The business is led by co-founder and chief executive Mark Le Lievre, who was previously global head of products and platforms at JP Morgan.

He is joined by a number of former colleagues at the financial services firm, including chairman Doug Wurth, who previously led the international private bank and alternatives business at JP Morgan, and chief technology officer (CTO) Kim Lennen, formerly chief technology officer at JP Morgan Private Bank in Europe.

“We are entering an era where wealth managers will no longer be able to rely on market appreciation to drive revenue growth,” said Le Lievre.

“We know from first-hand experience the significant and accelerating financial and regulatory challenges faced by the wealth management industry. Firms now need to focus not only on managing their cost base but growing their revenues via enhanced client engagement.”

© 2020 funds europe

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