We posted in early April about this $275 million acquisition of TradeKing and now Ally Financial has announced that it has completed the acquisition of TradeKing Group.
TradeKing will operate as a wholly owned subsidiary of Ally and maintain its operations in Fort Lauderdale as well as Charlotte. TradeKing has approximately 260,000 brokerage funded accounts and 20,000 daily average revenue trades (DARTs). TradeKing also has $4.5 billion in client assets, including approximately $1.1 billion of cash and sweep deposits.
“Brokerage and wealth management are a natural fit for Ally’s customer base, and the timing is right as more consumers gravitate toward digital wealth management services”, said Ally CEO Jeffrey Brown.
Diane Morais, CEO and President of the Ally Bank subsidiary, said, “We are excited to add online brokerage and wealth management to the product portfolio, as well as offer additional savings products to TradeKing clients.”
The online brokerage and wealth management services will be offered under the Ally brand when the company launches a fully integrated consumer platform, which is expected in early 2017.
The full press release on this acquisition being completed can be found here.