UK WealthTech firm abrdn has concluded a deal to acquire Exo Investing from FinTech firm Nucoro for an undisclosed fee.
Abrdn markets a wealth management platform that aims to make investing easier for its clients. The company provides investment, advisory and personal support to help its customers become better investors.
According to Nucoro, the acquisition will help abrdn develop an ‘industry-leading’ technology solution for investors powered by the Nucoro platform. It will allow abrdn to offer a 24/7 digital wealth management solution through an app, Nucoro claims.
Nucoro said, “Exo Investing offers artificial intelligence powered investment technology, enabling every customer to create a unique portfolio built around their individual goals, risk profile and preferences.”
Nucoro highlighted that with Exo Investing, customers are able to choose between a customised, themed or automated approach. The customised approach allows investors to select their preferences in areas such as sector, geography and investment style, the themed approach allows investors to choose pre-defined strategies and automated means investors can decide to let Exo create a tailored portfolio based around their goals and risk appetite.
Nucoro CEO Lennart Asshoff said, “We are delighted to help enable abrdn’s ambition to make investing easier and better for clients. We built Exo Investing on the Nucoro Platform to fulfil the vision of democratising wealth management by harnessing the power of cutting-edge investment technologies. abrdn’s forward-looking digital strategy makes the company both an ideal partner for Nucoro and the ideal home for Exo to drive that vision and use its reach to deliver the proposition to customers.”
abrdn CEO Stephen Bird added, “This is an exciting and significant step forward in building out our personal vector capabilities. Exo was the first of its kind to offer a fully automated wealth management platform, leveraging machine learning to feed into portfolio decision-making. There is a downward pressure on fees, changing customer expectations and increasing regulatory requirements. It’s important to address these issues by providing a highly-scalable, next-generation service to investors.”
The deal – subject to Financial Conduct Authority approval – is expected to be completed in the fourth quarter of this year.