Abrdn acquires AI solutions business Exo Investing

Abrdn has acquired Exo Investing, an AI-driven wealth management solution business, for an undisclosed fee, in hopes to build an “industry-leading” technology offering.

The deal is expected to complete in Q4 of 2021 and will see Abrdn launch “24/7 digital wealth management” app.

Exo Investing uses artificial intelligence-powered investment technology to allow customers to create their own portfolio built around their individual goals, risk profile and preferences. Investors will then be allowed to choose between a customised, themed, or fully automated approach.

The ‘customised’ approach allows investors to filter their preferences into areas such as geography, sector, and investment style, while the ‘themed’ approach allows investors to choose pre-defined strategies, such as ESG and emerging markets. The ‘automated’ approach lets Exo Investing create a tailored portfolio around their goals and risk appetite for the investor.

Abrdn said the deal will complement its existing personal vector capabilities, such as open banking insights, simple risk-rated savings, and financial advice.

“Our ambition is to be the company individuals turn to when developing their savings and investment goals,” the firm added.

“There is a downward pressure on fees, changing customer expectations and increasing regulatory requirements. It is important to address these issues by providing a highly-scalable, next-generation service to investors.”