On August 26, 2015, BlackRock, Inc. announced that it had agreed to acquire FutureAdvisor, a digital wealth management firm.
According to a 10-Q filed by BlackRock on November 6, 2015, the acquisition of FutureAdvisor was consummated in October 2015. The financial impact of the transaction is not material to BlackRock earnings per share.
BlackRock, Inc. (“BlackRock”) provides investment management, risk management, and advisory services for institutional and retail clients, with assets under management of $4.721 trillion as of June 30, 2015. FutureAdvisor, a San Francisco based investment advisory firm, served clients nationwide by using software to actively monitor and manage clients’ existing 401(k), IRA, and taxable accounts. As of August 26, 2015, FutureAdvisor had over $600 million in assets under management.
To read the full press release: please click here.