Abrdn, which was previously known as Standard Life Aberdeen, has finalised a deal to buy AI-driven wealth management platform Exo Investing from Nucoro for an undisclosed sum.

The deal, whose financial details are unknown, is expected to be completed in the fourth quarter of the year.

Exo Investing allows users to create a portfolio based on their individual goals, risk profile and preferences.

The customers can choose between a customised, themed, or fully automated approach.

The deal complements abrdn’s existing personal vector capabilities, including open banking insights, simple risk-rated savings, financial advice and now digitally-driven wealth management.

abrdn said the acquisition will enable it to offer 24/7 digital wealth management via an app.

The firm also plans to develop a technology solution for investors, which will be powered by the Nucoro Platform.

abrdn CEO Stephen Bird said: “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.”

Nucoro CEO Lennart Asshoff remarked that abrdn’s forward-looking digital strategy makes the company both an ideal partner for Nucoro and the ideal home for Exo.

Asshoff 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.”

In 2018, Exo Investing secured private investment from Benjamin and Ariane de Rothschild.

In January last year, Nucoro started offering its platform in Ireland.