Franklin Templeton, Charles Schwab acquire wealth fintechs

Franklin Templeton announced it’s acquired AdvisorEngine, a digital wealth platform and provider of technology and consulting services to more than 1,200 financial advisory firms in the United States that manage over $600 billion in assets. AdvisorEngine will work closely with Franklin Templeton to co-create new proprietary solutions, including goals-based financial planning tools, digital portfolio construction analytics and research-enabled practice management services to help financial advisors enhance their wealth management offerings.

In addition, AdvisorEngine will continue to build upon its open-architecture platform strategy by establishing new relationships with custodians, financial technology providers and asset managers. AdvisorEngine’s leadership team will remain in place and continue to operate the business as an independent subsidiary of Franklin Templeton. Additional terms of the transaction were not disclosed.

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Charles Schwab announced that it has entered into an asset purchase agreement to acquire the technology and intellectual property of Motif in an all cash transaction. Motif is a fintech that’s combined technology and data science to deliver customized thematic portfolios to investors. The acquisition will include all of Motif’s technology and intellectual property, including algorithms, patents and source code.

Schwab will be hiring a majority of Motif’s development and investment talent. Founder and CEO, Hardeep Walia, will join Schwab as part of its acquisition-related hiring of Motif’s staff. The transaction is expected to close by the middle of 2020 and financial terms are not being disclosed.

Read the full release

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