Blackrock has agreed to acquire FutureAdvisor, a robo adviser founded in 2010, which runs about $230m on behalf of clients and offers 'holistic' advice on investments and manages taxes on portfolios; the deal is said to underscore how quickly the industry believes technology could reshape the market for financial advice. The acquisition will give Blackrock an additional The transaction is expected to close in 4Q15.
Blackrock has agreed to acquire FutureAdvisor, a robo adviser founded in 2010, which runs about $230m on behalf of clients and offers 'holistic' advice on investments and manages taxes on portfolios; the deal is said to underscore how quickly the industry believes technology could reshape the market for financial advice. The service will be linked to BlackRock's existing multi-asset portfolios and investment products, and will enable FutureAdvisor's products to be sold to brokers and financial advisers, who in turn can offer them to their clients. The transaction is expected to close in 4Q15.