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Interactive Brokers Group Is Buying Covestor

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Interactive Brokers Group Is Buying Covestor

Interactive Brokers Group, Inc. (NASDAQ: IBKR) agreed to acquire the privately-held online online investment management platform Covestor for an undisclosed amount.

Interactive's President Milan Galik said the acquisition will help the company "provide a more complete service to roboadvisor companies."

Boston, Massachusetts-based Covestor had received $23.9 million in funding as of June 2013 from investors, including Union Square Ventures and Amadeus Capital Partners.

Greenwich, Connecticut-based Interactive Brokers earlier this week said Q1 customer accounts grew 17 percent to 296,000, while the company posted a Q1 loss of $109 million.

Results included a loss of $121 million on the sudden move in the value of the Swiss franc on January 15, and a $197 million loss on the company's currency diversification strategy.

Separately, the privately-held life insurance giant Northwestern Mutual last month reportedly paid more than $250 million to acquire the financial planning startup LearnVest, although price wasn't disclosed.

Northwestern said it will use LearnVest software to offer a financial planning platform to its 4.2 million customers.

 

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