Exclusive: Robo adviser Exo Investing shuttered after Abrdn scraps acquisition plan
Just six months since Abrdn said it would not acquire Exo Investing, and instead make an investment into its parent company Nucoro, the platform is set to close.
Exo Investing, an AI-powered digital wealth manager is to shut down UK operations.
In a message to clients seen by AltFi, the platform is set to close fully by 4 March 2023.
“It is with a heavy heart that we announce that Exo Investing will be shutting down all UK operations. We have had an incredible journey over the past few years, and we are extremely grateful for all of the support and trust that our users have placed in us,” the message said.
Listed investment giant Abrdn was to buy the business in 2021, but the deal was later halted with Abrdn instead investing in it its parent company Nucoro.
Exo Investing was founded in 2017 by Lennart Asshoff and Nikolai Hack. It was spun out of Spanish wealth manager ETS where the pair worked and offered exposure to model portfolios based on exchange traded funds (ETFs).
Investors in its early included Benjamin and Ariane de Rothschild, the husband and wife team leading the Swiss private bank Edmond de Rothschild, until the latter’s death in 2021.