PANews reported on November 19 that according to Bloomberg, Robinhood Markets Inc. has agreed to acquire TradePMR, a custody and portfolio management platform for registered investment advisors, a move by the online brokerage to attract a wider group of wealthy investors. Robinhood said in a statement that the transaction - involving approximately $300 million in cash and stock - is expected to be completed in the first half of next year. Through the acquisition, TradePMR's registered investment advisors will be able to reach Robinhood's customers, and these customers will be able to easily connect with registered investment advisors (RIAs). TradePMR is headquartered in Gainesville, Florida, and manages more than $40 billion in assets. According to the statement, the TradePMR team will join Robinhood.
Robinhood has expanded its offerings in the competitive retail investing space by adding available cryptocurrencies, launching a credit card and even offering traders the option to bet on election outcomes. It is also targeting customers with more stable wealth levels, seeking to challenge traditional giants such as Charles Schwab Corp. and Fidelity Investments in the fast-growing wealth management space.
