UPDATED 06/02/16 – Ally Financial has completed its acquisition of TradeKing.
TradeKing has been bought by Ally Financial (ALLY) for a cool $275 million. According to the press release, “TradeKing has approximately $4.5 billion in client assets, including approximately $1.1 billion of cash and cash investments, 260,000 funded accounts and 20,000 daily average revenue trades (DARTs).”
“The addition of wealth management is the next key step in Ally’s digital product evolution and will create a powerful combination of segment-leading direct banking and innovative investment services in a single integrated customer experience,” said Ally Chief Executive Officer Jeffrey Brown. “This transaction presents a compelling opportunity for customers and a logical growth opportunity for Ally.”
Brown continued, “The trend toward digitally-based financial services continues to gain momentum with consumers in general, and we see even greater opportunities ahead as the millennial generation begins to require a broader selection of financial products, including wealth management. We see strong alignment between Ally’s loyal and digitally-savvy customer base and TradeKing’s innovative, client-centric business. This transaction positions Ally to further capitalize on emerging market trends, drive additional efficient deposit growth and diversify our revenue stream by adding fee-based income – all of which we believe will enhance shareholder value over time.”
Congratulations to Don Montanaro and the entire TradeKing team. We had the pleasure of visiting TradeKing in NC way back in 2012 and it’s been fun to watch TradeKing grow over the years. TradeKing has participated in all six of our annual broker reviews and most recently, in the 2016 Review, finished “Best in Class” for both Offering of Investments and Commissions & Fees.
Since we have both a personal TradeKing account as well as a Ally Financial savings account, we will continue to follow the acquisition and post updates as they become available. Congratulations again to the entire TradeKing team!
Ally Financial Announces Acquisition of TradeKing Group
April 5th, 2016