Robinhood to acquire RIA platform operator TradePMR

Robinhood (HOOD) Markets announced it has entered into an agreement to acquire TradePMR, a custodial and portfolio management platform for Registered Investment Advisors, or RIAs. “With over 25 years in the industry and over $40 billion in assets under administration, TradePMR will enhance Robinhood’s offering for customers by delivering a top-ranked1 RIA custody and portfolio management platform that connects financial advisors to a new generation of investors,” Robinhood stated. “The TradePMR team has one of the strongest RIA networks in the industry. We’re excited to join forces to build a category-defining advisory platform for the next generation,” said Vlad Tenev, Chairman and CEO at Robinhood. Final deal consideration is expected to be approximately $300M, subject to customary purchase price adjustments, consisting of a mix of cash and stock. The acquisition is expected to close in the first half of 2025, subject to customary closing conditions, including regulatory approvals.