JPMorgan Chase ( JPM ) & Co.’s wholly-owned subsidiary, Neovest, Inc., disclosed the acquisition of LayerOne Financial to improve its offerings for hedge funds.

LayerOne Financial is an investment management platform and creator of PortfolioOne, a vast, cross-asset platform for operational challenges facing hedge funds of many sizes and styles. 

With the buyout, Neovest can offer integrated portfolio, order, and execution management services through a unified platform. The enhanced Neovest platform will be available to the hedge fund industry in a modular framework, enabling them to deploy the full platform throughout their operations or seamlessly integrate specific modules with their current systems. 

Jimmi Shah, Neovest CEO said, “Following this acquisition, Neovest can enable clients to manage their full investment lifecycle with one software provider with industry-leading capabilities.” 

“Neovest’s key objectives are creating an exceptional client experience from on-boarding to trade execution management and expanding our product capabilities to advance and differentiate from other investment management platforms. LayerOne’s technology and people are perfectly placed to help us on this journey.”

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Price Action: JPM shares are trading higher by 1.08% at $187.30 on the last check Monday.