Abrdn acquired an AI-powered wealth management solution, Exo Investing
By Joy Dumasia
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.
At abrdn the aim is to make investing easier and better for our clients. This is an acquisition of AI digital investing capabilities that will allow us to offer 24/7 digital wealth management via an app.
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.
Exo Investing will complement the existing personal vector capabilities, including open banking insights, simple risk-rated savings, financial advice and now digitally-driven wealth management. Abrdn ambition is to be the go-to company that individuals turn to when developing their savings and investment goals.
Stephen Bird, CEO abrdn, said: “This is an exciting and significant step forward in building out our 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.”
IBSi Prime News
December 08, 2021
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