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Abrdn to acquire digital wealth management app from Nucoro

Abrdn to acquire digital wealth management app from Nucoro

Investment manager Abrdn is to acquire the digital wealth management arm of fintech Nucoro for an undisclosed sum.

Nucoro’s b2c offering, Exo investing, offers artificial intelligence powered investment technology, enabling users to create a unique portfolio built around their individual goals, risk profile and preferences.

Abrdn, previously Standard Life Aberdeen, says the acquisition will allow it to offer 24/7 digital wealth management via an app. Using Exo investing, clients can choose between a customised, themed or fully automated approach, in which the app creates a tailored portfolio designed around their goals and risk appetite.

Stephen Bird, CEO abrdn comments: “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.”

The deal with the two-year old London-based fintech is expected to conclude in Q4 2021.

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