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. It is expected to complete in Q4 2021*.

At abrdn our aim is to make investing easier and better for our clients. This is an acquisition of world-class, AI digital investing capabilities that will allow us 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.

Customers can choose between a customised, themed or fully automated approach:

• Customised – investors can select their preferences in areas such as sector, geography and investment style;
• Themed – investors can choose pre-defined strategies, e.g. ESG, emerging markets etc.; and
• Automated – investors can decide to let Exo Investing create a tailored portfolio designed around their goals and risk appetite.

Exo Investing will complement our existing Personal vector capabilities, including open banking insights, simple risk-rated savings, financial advice and now digitally-driven wealth management. Our 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.”

*subject to FCA approval abrdn was advised by Burness Paull Nucoro was advised by PMB Capital

Ends

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Notes to editors

At abrdn, we empower our clients to plan, save and invest for their futures.

We structure our business into three areas – and together they reflect our focus on enabling our clients to be better investors:

• Investments: We work with clients to create solutions across markets, asset classes and investment strategies – combining our global network of investment professionals with research, data and technology.
• Adviser: We offer market-leading platform technology and tools that enable UK wealth managers and financial advisers to look after the diverse needs of their clients.
• Personal: We help people throughout the UK plan for their financial futures – through our financial planning business, our digital direct-to-consumer services and discretionary fund management services.

We’re a global business, with clients in 80 countries. We manage and administer £532 billion of assets on their behalf, and we have over 1 million shareholders. (Figures as at 30/6/2021).

About Nucoro

Nucoro enables financial institutions to build digital savings, investment and wealth management propositions at speed and scale. The flexible, modular, cloud-native platform lets firms realise their digital vision, creating personalised and automated propositions that grow with their customers, and improve profitability.

From automated investing and stock-trading through to hybrid advisory and digital wealth management, Nucoro is the core of any future digital investment proposition, making it easy to thrive in the digital age.

Nucoro was advised by PMB Capital, a London headquartered merchant banking business.

About PMB Capital Limited

PMB Capital is a private merchant bank dedicated to providing advice and capital to industrial families, business owners and entrepreneurs. Operating globally, based in London, Frankfurt and Luxembourg, PMB works to achieve its clients’ strategic and financial objectives, focussed on M&A and the provision of private investment capital. The firm has revived the merchant banking tradition of sitting on the client’s side of the table and underwriting and investing alongside them as appropriate.