JPMorgan has announced its agreement to acquire Global Shares, a cloud-based provider of share plan management software.

Global Shares’ employee ownership solutions over the entire company lifecycle and caters to corporates worldwide.

The value of the deal has not yet been divulged and the transactions is subject to regulatory approvals and closing. It is all expected to finalise in the second half of 2022.

“The addition of Global Shares is complementary across our entire JPMorgan 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, CEO, JPMorgan Asset & Wealth Management.

“We are tremendously excited to partner with JPMorgan and to continue on our journey of being a leading player in equity incentive services. Together, we will accelerate the expansion of our business globally as well as the range of services we offer to our clients and their employees. This is a great news for both our clients and all of our employees,” added Tim Houstoun, CEO, Global Shares.

“We are excited about the potential to partner with corporates globally and help to deliver a range of wealth management solutions to Global Shares’ equity plan participants,” continued Michael Camacho, CEO of wealth management solutions, JPMorgan.

Founded in 2005, Global Shares has an expansive client base of over 600 corporate clients and nearly $200bn in assets under administration. Over time, the firm will be integrated into JPMorgan’s asset & wealth management line of business.

JPMorgan is consolidating most of its European Union businesses into one legal German entity, known as JP Morgan SE (JPMSE), in a bid to simplify its structure for the bloc following Brexit.

The bank has merged Luxembourg and Irish units into the German entity – JP Morgan AG, which has been converted into a European public company.

Frankfurt-based JPMSE has branches across the European Economic Area (EEA), with considerable presence in Dublin, Luxembourg, and Paris.