Bloomberg has decided to liquidate its BloombergBlack, its wealth management business that had yet to leave its trial phase.
With a monthly price of US$100, the venture was expected to cater individuals looking to track their investment portfolios -including mutual fund holdings, 401K retirement plans and college savings plans.
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According to BloombergBlack’s website, the venture offered customers the opportunity to manage their portfolios held with retail brokerages and investment firms in one place.
According to Business Insider, Bloomberg co-founder Tom Secunda addressed the unit and employees were asked to leave headquarters by noon. Their terminal access was immediately revoked.
The liquidation process is expected to affects nearly 30-40 employees.
"We weighed the future prospects of the business against the ongoing resource investment and concluded that it wasn’t in our best interest to continue moving forward," said Bloomberg spokesman Ty Trippet.
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By GlobalData"We remain optimistic about the idea and open to the possibility of pursuing a similar business in the future."
