Robinhood Inks $300M Deal to Buy RIA Custodial Platform TradePMR

Retail investor platform Robinhood Markets said it has entered into an agreement to acquire RIA custodial services platform TradePMR in a $300M transaction expected to close in the first quarter of next year. 

The acquisition is expected to scale Robinhood's investment advisory capabilities through the integration of TradePMR’s custodial and portfolio management services into the firm’s platform. Citi acted as exclusive financial advisor to Robinhood, and Lazard to TradePMR. 

TradePMR oversees more than $40B in assets under administration with an existing network of 350 firms. Robinhood said its assets under custody are valued at $143.6B as of the end of August.

Source: https://newsroom.aboutrobinhood.com/robinhood-to-acquire-tradepmr/