BlackRock has entered into a definitive agreement to acquire FutureAdvisor, a robo-advisory firm.
Financial terms of the deal were not disclosed.
Read: The rise of financial robo-advisors
San Francisco-based FutureAdvisor will operate as a business within BlackRock Solutions (BRS).
BlackRock says the acquisition will help meet the needs of a range of financial institutions including banks, insurers, large and small broker-dealers, 401(k) platforms, and other advisory firms looking for a digital-advice platform to increase customer loyalty and grow advisory assets.
The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2015. The financial impact of the deal is not material to BlackRock’s earnings.
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