The US bank said its purchase of the share plan management software provider gives it the ability to acquire more clients in the wealth and private banking business arms.

JP Morgan has agreed to buy Global Shares, a cloud-based provider of share plan management software, a move which the US bank said would help it win more private bank and wealth clients, among others.

Global Shares’ employee ownership solutions cater to corporates worldwide. The deal – the terms of which have not been disclosed – is subject to regulatory approvals and closing. The transaction is expected to close in the second half of 2022, JP Morgan said in a statement yesterday. 

Founded in 2005, Global Shares has more than 600 corporate clients that range from early-stage startups to multinational corporates. The firm has nearly $200 billion in assets under administration across 650,000 corporate employee participants. It has more than 600 employees, with its headquarters in Cork, Ireland and 16 locations across Europe, the Middle East and Africa, North America and Asia-Pacific. 

Since July 2018, Global Shares has been partnered with specialist fintech investor, Motive Partners.

“The addition of Global Shares is complementary across our entire JP Morgan franchise from new client acquisition for our global private bank and US wealth management businesses to providing new, innovative capabilities to private and public companies globally and helping their employees manage their wealth,” said Mary Callahan Erdoes, chief executive, JP Morgan asset and wealth management.

Over time, JP Morgan will integrate Global Shares into its asset and wealth management line of business. The company's headquarters will remain in Cork.

JP Morgan was advised by JP Morgan Securities as financial advisor and Freshfields Bruckhaus Deringer and McCann FitzGerald as legal counsel. Global Shares was advised by BofA Securities as financial advisor and Proskauer Rose and Arthur Cox as legal counsel.