Betterment, a US-based digital funding advisor, has acquired the automated investing enterprise of Ellevest, a monetary companies agency targeted on girls.
The transaction doesn’t embody Ellevest’s different accounts, expertise, staff, or operations.
Betterment, headquartered in New York, serves over 900,000 clients throughout the US and manages greater than US$55 billion in belongings.
This follows its earlier acquisitions of Wealthsimple’s US advisory accounts in 2021 and Goldman Sachs’ Marcus Make investments accounts in 2024.
Sarah Levy
“This acquisition additional cements our management within the digital investing area,”
mentioned Sarah Levy, Betterment CEO.
“We stay up for welcoming Ellevest’s purchasers to Betterment and to persevering with to help them on their wealth-building journeys.”
Ellevest, additionally based mostly in New York, will proceed providing monetary planning and wealth administration companies for high-net-worth people, households, and establishments with a minimum of US$500,000 to speculate.
Its automated investing purchasers will likely be transferred to Betterment on or round 17 April 2025, topic to closing circumstances. Purchasers might decide out of the switch.
“As we deal with our rising wealth administration and monetary planning enterprise, Betterment was the pure residence for our digital-first purchasers,”
Dr. Sylvia Kwan
mentioned Dr. Sylvia Kwan, Ellevest CEO and CIO.
“On high of automated investing, Betterment affords options that lots of our digital purchasers have expressed curiosity in, together with joint accounts and different money account choices.”
Ellevest purchasers becoming a member of Betterment may have entry to automated investing, diversified portfolios, tax-efficient instruments, planning assets, and human advisors.
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