On June 1, 2016, Ally Financial Inc. completed its acquisition of digital wealth management company TradeKing Group, Inc.
Ally Financial Inc. (“Ally”) and TradeKing Group Inc. (TradeKing) had initially announced a signed agreement for the transaction on April 5, 2016. Ally paid an estimated purchase price of $275 million for TradeKing. TradeKing will now function as a wholly owned subsidiary of Ally, while maintaining its operations in Fort Lauderdale and Charlotte.
Ally is a U.S. financial services company that offers financial products and services to the automotive industry. These include new and used vehicle inventory and consumer financing, leasing, vehicle service contracts, commercial loans and vehicle remarketing services, insurance offerings, and insurance consultative services. Ally had about $156.5 billion in assets as of March 31, 2016.
TradeKing is a digital wealth management company that provides an online broker/dealer and a digital portfolio management platform. TradeKing holds approximately $4.5 billion in assets and 260,000 brokerage funded accounts.
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