BlackRock To Buy FutureAdvisor

(RTTNews) - BlackRock, Inc. (BLK) said Wednesday that it has agreed to buy FutureAdvisor, a provider of investment management, risk management and advisory services.

Terms of the deal were not disclosed.

FutureAdvisor will operate as a business within BlackRock Solutions, the firm's investment and risk management platform. The unit will provide financial institutions with high quality, technology-enabled advice capabilities to improve their clients' investment experience.

The acquisition of FutureAdvisor helps meet the needs of a range of financial institutions including banks, insurers, large and small broker-dealers, 401(k) platforms, and other advisory firms looking for a digital-advice platform to increase customer loyalty and grow advisory assets.

The deal is expected to close in the fourth quarter of 2015. The financial impact of the deal is not material to BlackRock earnings per share.