abrdn to acquire AI-powered wealth management solution, Exo Investing
abrdn has concluded a deal to buy Exo Investing from Nucoro for an undisclosed sum. The acquisition will help abrdn develop an industry leading technology solution for investors, powered by the Nucoro Platform, states the company. It is expected to complete in Q4 2021.
abrdn’s aim is to make investing easier and better for their clients. This new acquisition of AI digital investing capabilities hopes to allow them to offer 24/7 digital wealth management via an app.
Individuals are having to take more responsibility for their savings, yet many still seek support to help manage their investments. 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.
The company’s aim is to allow customers choose between a customised approach where investors can select their preferences in specified areas, a themed approach where investors can choose pre-defined strategies, or a fully automated approach where Exo Investing creates a portfolio around the client’s goals and risk appetite.
Exo Investing will complement their existing Personal vector capabilities, including open banking insights, simple risk-rated savings, financial advice and now digitally-driven wealth management. The company’s ambition is to be the company individuals turn to when developing their savings and investment goals.
Stephen Bird, CEO abrdn commented:
“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.”
Lennart Asshoff, CEO, Nucoro commented:
“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.”