Abrdn acquires wealth management platform Exo Investing from Nucoro
Abrdn, known as Standard Life Aberdeen prior to a July rebrand, has agreed a deal to acquire wealth management platform Exo Investing from Nucoro.
The Edinburgh-based investment firm says the acquisition has been made with the goal of offering a 24/7 digital wealth management app as it looks to “make investing easier and better for our clients”.
Exo Investing leverages artificial intelligence (AI) powered investment technology to allow customers to create personalised portfolios based on their risk profile and preferences.
Abrdn, which has around $532 billion in assets under management, claims the platform will “complement our existing personal vector capabilities”, including open banking insights, savings solutions and financial advice.
Abrdn CEO Stephen Bird says: “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 acquisition is expected to complete in Q4 2021 subject to FCA approval. Financial details were not disclosed.