RiskMetrics Group, the financial analytics firm, has bought from JP Morgan the Arrakis analytics technology which underpins the bank’s web-based private banking system, Morgan OnLine.
By the terms of the acquisition, RiskMetrics Group will assume control of the system’s technology, and its future development, web hosting, maintenance and support. JPMorgan Chase’s Private Banking Group will retain exclusive rights to both the Morgan OnLine and Morgan View products as well as the proprietary analytics within Morgan OnLine designed specifically for its clients. Details on the terms and conditions of the transaction were not available.
This acquisition signals our continued drive towards sensible consolidation of the wealth management solutions space,” explains RiskMetrics Group CEO Ethan Berman. “The assets from Morgan OnLine combined with our WealthBenchâ„¢ suite of analytics allows us to provide our customers with an enterprise-wide wealth management platform that underscores the changing role of advisers and equips them to succeed in a far more demanding environment.”
Arrakis was formed in 1999 by JPMorgan’s Private Banking Group to provide an online toolkit for high-net-worth individuals. Its user interfaces, Morgan OnLine and Morgan View, will remain under the control of JPMorgan Chase. In addition, all client data will continue to be maintained solely by JPMorgan Chase in accordance with its Private Bank privacy policy.