Robinhood snaps up custodial and portfolio management platform TradePMR in $300m deal
Digital trading app Robinhood has acquired TradePMR, a custodial and portfolio management platform for registered investment advisors, in a deal valued at up to $300 million.
Robinhood adds TradePMR to its growing portfolio
Consisting of both cash and stock, Robinhood says the acquisition will accelerate its “delivery of investment advisory capabilities” in line with its planned expansion into wealth management services.
Leveraging TradePMR’s open architecture platform, Fusion, Robinhood intends to create a platform where advisors and clients can view their managed assets directly within the Robinhood app, while also announcing a joint endeavour to build a “best-in-class referral programme”.
In addition, Robinhood plans to “preserve and deepen” TradePMR’s “long-standing partnership” with Wells Fargo Clearing Services, which provides clearing, execution and lending services.
Going forward, Robb Baldwin, founder and CEO of TradePMR, along with the TradePMR team, will join Robinhood following the completion of the acquisition, expected in H1 2025.
This deal adds to a series of strategic purchases made by Robinhood this year, including its $200 million acquisition of global cryptocurrency exchange Bitstamp in June, and the purchase of US-based investment research platform Pluto Capital in July for an undisclosed amount.
