abrdn to buy AI investment platform

UK asset manager abrdn, formerly known as Standard Life Aberdeen, is to acquire Exo Investing from software company Nucoro for an undisclosed sum.

The AI-powered investment platform enables customers to create unique portfolios built around individual goals, risk profiles, and preferences.

Customers can choose between a customised, themed, or fully automated approach.
The British business said the buyout, which is expected to complete later this year, would help it develop an “industry leading” digital wealth management app.

“This is an exciting and significant step forward in building out our Personal vector capabilities,” said Stephen Bird, chief executive, abrdn. “Exo was the first of its kind to offer a fully automated wealth management platform, leveraging machine learning to feed into portfolio decision-making.”

Bird added: “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.”

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