Interactive Brokers Buys online money manager Covestor
Covestor, an internet money manager, is being bought with the aid of digital buying and selling dealer Interactive Brokers crew for an undisclosed sum.
individuals who invest the use of Covestor can retailer across the company’s website online, which lists various cash managers and merchants who run investment portfolios, for a grouping of investments with returns they like. When a user selects an investment manager’s portfolio, Covestor will arrange an account for the buyer that mirrors the portfolio and any moves the manager makes in it. Covestor and the money manager break up any management fees.
Interactive Brokers, based totally in Greenwich, CT, is an digital dealer that trades on greater than one hundred digital exchanges and trading venues worldwide, the company says. The addition of Covestor will help “traders, advisors, hedge cash and money managers to find each different,” Interactive Brokers Chairman and CEO Thomas Peterffy, who based the company in 1977, said in a commentary.
The deal adds more portfolio managers and asset courses to Covestor’s choices, chief advertising officer Steven Holstein mentioned within the commentary. based in 2006, Boston-primarily based Covestor used to be funded via $ 28 million in mission capital, together with a $ 12.seventy five million collection B spherical in 2013 from Union square Ventures, Spark Capital, Amadeus Capital partners, and Bay partners.
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