Detroit-based lender Ally Financial has completed $275m acquisition of TradeKing Group, a digital wealth management firm with an online broker/dealer, digital portfolio management platform, and educational content and social collaboration channels.
TradeKing has nearly 260,000 funded accounts, 20,000 daily average revenue trades (DARTs) and $4.5bn in client assets, which includes around $1.1bn of cash and sweep deposits.
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Following the acquisition, TradeKing will operate as a wholly owned subsidiary of Ally and maintain its operations in Florida’s Lauderdale and Charlotte in North Carolina.
Ally Financial said that the online brokerage and wealth management services will be offered under Ally brand when the company launches a fully integrated consumer platform, which is expected early next year.
Ally CEO Jeffrey Brown said: "The completion of this transaction marks a key step on Ally’s journey to create a premier digital financial services company with a broader set of offerings to meet our customers’ needs.
"Brokerage and wealth management are a natural fit for Ally’s customer base, and the timing is right as more consumers gravitate toward digital wealth management services. We believe this transaction will drive meaningful value over time."
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By GlobalDataAlly Bank subsidiary CEO and president Diane Morais said: "We are excited to add online brokerage and wealth management to the product portfolio, as well as offer additional savings products to TradeKing clients. The combination of segment-leading direct banking and innovative investment services will be a powerful offering."
