BlackRock Inc. (NYSE: BLK) is buying privately held FutureAdvisor for undisclosed terms from management, as the buyer looks to fill a need for digital financial technology products.
San Francisco-based FutureAdvisor is a digital wealth management advisory firm that helps customers with 401(k) and other long term financial planning.
New York-based BlackRock says the acquisition will help the company meet customer demand for online financial products.
“As demand for digital wealth management grows, we believe that our combined offering will accelerate our partner firms’ abilities to serve the mass affluent in a convenient, scalable way,” says Tom Fortin, head of BlackRock’s retail technology.
Deal activity in the financial-technology sector has been picking up in 2015 as financial service firms look to grow their technology platforms.
New York private equity firm Aquiline Capital Partners LLC is making an undisclosed investment in regulatory software maker Fenergo; Markit (Nasdaq: MRKT) is acquiring foreign exchange trade services provider DealHub for undisclosed terms; and Q2 Holdings Inc. (NYSE: QTWO)is buying privately held financial services security provider Centrix Solutions Inc.