Robinhood Markets has agreed to buy TradePMR, a custodial and portfolio management platform for registered investment advisers (RIAs).
Robinhood said in a press release that the final deal consideration is expected to be about $300 million in cash and stock. The deal is expected to close in the first half of 2025.
TradePMR has more than $40 billion in assets under administration.
“The TradePMR team has one of the strongest RIA networks in the industry,” Vlad Tenev, Robinhood’s chairman and CEO, said in the release. “We’re excited to join forces to build a category-defining advisory platform for the next generation.”
Citi advised Robinhood, while Lazard advised TradePMR.