“They don’t want to crush the butterfly.” That was JPMorgan’s message last June when it acquired Nutmeg, according to Neil Alexander, the firm’s chief executive.

While Nutmeg might be the UK’s largest digital wealth manager, amassing some £4.5bn in assets and 170,000 clients in its decade-long history, staff might have feared for its future as a tiny cog in JPMorgan’s global empire.