US-based independent digital investment advisor Betterment has agreed to acquire Marcus Invest’s digital investing accounts from investment banking company Goldman Sachs.
Under the terms of the agreement, Marcus Invest will transfer its digital investing accounts to Betterment, on or before 29 June 2024.
Betterment will only acquire Marcus Invest accounts and assets under management, but not any additional accounts, technology, employees, or operations as a part of the transaction.
Marcus Invest customers who transfer their accounts to Betterment will be offered automated investing, diversified portfolios, and valuable tax-smart tools.
They will also get access to a wide range of account types, planning tools, educational resources, and human advisors.
Betterment CEO Sarah Levy said: “This acquisition further cements our leadership in the digital investing space. We are excited to welcome these customers to Betterment where our scalable technology platform will continue to support them on their investing journeys.”
Betterment has been providing digital investing services for more than a decade and is currently serving more than 850,000 customers and manages over $45bn in assets.
It provides customers with a combination of powerful technology and personalised support.
Betterment’s diversified, expert-built portfolios and technology will complement Marcus Invest customers as they continue to build towards their financial goals.
Goldman Sachs aims to continue to focus on its growing Marcus Deposits platform which serves over three million customers globally and has well over $100bn in consumer deposits.
Goldman Sachs Marcus global head Marcos Rosenberg said: “As we increase our focus on our growing Marcus Deposits platform, we made the decision to transition away from our digital investment advisor offering and wanted to find a great home for those customers.
“Betterment was the obvious choice for those accounts as we share a deep commitment to customer satisfaction. We look forward to continuing to serve our Marcus Deposits customers with great products and a great experience.”
