Robinhood Acquires TradePMR for $300M, Boosting AUC to $200B

Nov 19, 2024, 01:30 PM

Robinhood Markets Inc. has agreed to acquire TradePMR, a custodial and portfolio management platform for Registered Investment Advisors (RIAs), for approximately $300 million in a cash-and-stock deal. This acquisition, marking Robinhood's third of 2024, aims to accelerate the company's delivery of investment advisory capabilities to its customers by integrating TradePMR's platform, which serves around 350 firms and manages over $40 billion in assets under administration (AUA). With this acquisition, Robinhood's assets under custody (AUC) have grown from $160 billion to $200 billion, positioning the company to target a broader range of wealthier investors in the wealth management sector.