Abrdn has acquired investment information platform Finimize as chief executive Stephen Bird continues to simplify the business and boost its digital capabilities.
The FTSE 100 firm has paid an undisclosed sum for the content platform which claims to “empower retail investors” with news and investment tips to help users make more informed decisions.
Bird said Finimize’s “vision” is a “perfect fit” for the fund group.
Since taking over as chief executive in September 2020, Bird’s mission has been to re-position the FTSE 100 manager into a “modern, agile, digitally-enabled brand”. The firm traded in its Standard Life Aberdeen moniker for the nearly vowelless Abrdn, leaving investors dazed and confused.
Over the summer, it acquired AI wealth platform Exo Investing and announced the roll-out of a “24/7 digital wealth management” app.
Finimize said leveraging Abrdn’s global network of partners, research team and operational infrastructure would help it scale even more rapidly. It currently has 1 million subscribers to its daily newsletter, which distills the two biggest news stories of the day in less than three minutes “without any jargon”. It also has 40,000 premium subscribers who pay £60 ($82, €71) a year for access to exclusive content, community group discussions and events with high profile investors.
Finimize will continue to operate as an independent brand and insights platform under the Abrdn umbrella. Chief executive Max Rofagha will join Abrdn’s leadership team “to further drive content and customer-driven technology capabilities” across the group, Bird said.
Rofagha added: “In a world where technology has largely removed the friction from investing, information is king. There’s been huge amounts of innovation in the brokerage space, but very little when it comes to information. We’re excited to be at the forefront of changing this with the backing of a major financial institution that shares our vision.”
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