Detroit-based lender Ally Financial has completed $275m acquisition of TradeKing Group, a digital wealth management firm with an online broker/dealer, digital portfolio management platform, and educational content and social collaboration channels.

TradeKing has nearly 260,000 funded accounts, 20,000 daily average revenue trades (DARTs) and $4.5bn in client assets, which includes around $1.1bn of cash and sweep deposits.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Following the acquisition, TradeKing will operate as a wholly owned subsidiary of Ally and maintain its operations in Florida’s Lauderdale and Charlotte in North Carolina.

Ally Financial said that the online brokerage and wealth management services will be offered under Ally brand when the company launches a fully integrated consumer platform, which is expected early next year.

Ally CEO Jeffrey Brown said: "The completion of this transaction marks a key step on Ally’s journey to create a premier digital financial services company with a broader set of offerings to meet our customers’ needs.

"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. We believe this transaction will drive meaningful value over time."

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Ally Bank subsidiary CEO and president Diane Morais 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 combination of segment-leading direct banking and innovative investment services will be a powerful offering."