Robinhood (HOOD.US) plans to acquire TradePMR for $300 million to help with wealth management transformation.

American internet broker Robinhood (HOOD.US) will acquire brokerage and custody service provider TradePMR for $300 million. This move comes as Robinhood ventures into the wealth management field. In a statement on November 19, Robinhood said: "As Robinhood enters the wealth management space, this strategic acquisition will integrate two companies with aligned missions, combining the skills of a trusted advisor with Robinhood's cutting-edge technology." The acquisition is expected to be completed in the first half of 2025.