Ritholtz Wealth Management will acquire BlackRock's direct-to-consumer robo-adviser business — FutureAdvisor — later this year, according to statements from each firm. Financial terms of the deal and when it is expected to close were not disclosed.
"We are proud of having served FutureAdvisor clients over the last eight years and are confident that Ritholtz, a national multi-billion-dollar wealth management firm, has the ability to meet the demands of clients seeking digital solutions for their investing needs," said a BlackRock spokeswoman in an email.
She added that BlackRock will continue to serve wealth management firms with its Aladdin Wealth technology offering.
FutureAdvisor had about $1.8 billion under management according to an April 2022 SEC ADV filing.
BlackRock's total assets under management as of Dec. 31 totaled $8.6 trillion.
"Ritholtz expects that FutureAdvisor clients will seamlessly transition to Ritholtz where they will receive access to dedicated goals-based financial planning and cutting-edge technology," according to a statement from a company spokesman.
Ritholtz managed a total of $2.7 billion as of Dec. 31, 2021, according to the firm's May 2022 ADV filed with the SEC.