Nutmeg

When I read that JPMorgan had acquired Nutmeg for £700m, I thought that number might be a typo. £70m seemed a possible price. £700m seemed unbelievable.

Nutmeg has lost money every year since launch. And the scale of those losses has increased each year. As for their plans to include advisers in their proposition; it’s at least five years since they launched that initiative. Nothing to show for it as far as I can see.

Of course, JPM can afford to take a long term view as far as their UK strategy and investments are concerned. But how long?

I did some research and asked: How long does it take to harvest nutmeg? The answer: Nutmegs take eight years after sowing to yield fruit. They reach their prime in 25 years and bear fruit for 60 years or longer.

So maybe JPM are onto something. Or maybe not.