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JPMorgan adds to hedge fund offering with LayerOne acquisition

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JPMorgan Chase & Co has added to its service offering for hedge funds with the acquisition of LayerOne Financial, an investment management platform that was spun out from Fortress Investment Group, by its OEMS subsidiary Neovest, according to a report by Bloomberg.

In a statement, the companies said that the deal means that Neovest’s 500+ clients will be able to monitor portfolios, conduct risk assessments, send orders to brokers and perform compliance checks, all from one platform.

Neovest’s CEO Jimmi Shah said: “Following this acquisition, Neovest can enable clients to manage their full investment life cycle with one software provider.”

LayerOne, which became an independent business in 2017, was advised by SenaHill Partners and Morgan, Lewis & Bockius. Neovest was advised by JPMorgan and Gibson, Dunn & Crutcher.

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