Investment manager Abrdn has pulled out of a deal to acquire the digital wealth management arm of fintech Nucoro and has instead agreed to an undisclosed investment in the wealthtech.
The deal to acquire Nucoro's Exo Investing platform was agreed in August last yer and expected to close in Q4.
Abrdn, previously Standard Life Aberdeen, said at the time the acquisition would allow it to offer 24/7 digital wealth management via an app. Using Exo investing, clients can choose between a customised, themed or fully automated approach.
David Mouille, chief strategy and business development officer at abrdn, says that following initial conversations the parties agreed that a partnership and investment into Exo’s parent company, Nucoro, was of more strategic value, giving abrdn access to a broader range of technology.
“Abrdn is at the forefront of the next era of the investment landscape, helping our clients plan, save and invest for their future," he says. "Nucoro’s technology showcases best in class investment infrastructure that will power this future and we are excited to invest in the company behind it.”