IG Group, a UK-based online trading company, said on Friday it has completed the acquisition of InvestYourWay, a local online investment manager. The deal is part of IG Group’s strategic plan to expand its product portfolio, the company said in a statement.
As a result of the deal, InvestYourWay founder and CEO Michael Newell will join IG Group, but the company did not disclose what role he will take up.
The acquisition will serve IG Group in delivering its partnership with BlackRock, another investment manager, for exchange traded fund (ETF)-based investment portfolios, since the technology developed by InvestYourWay will be integral to the delivery of the ETF-based portfolios.
In July this year, IG Group said it has entered into an agreement with BlackRock, the largest ETF provider globally, which will facilitate it in constructing a range of ETF-based investment portfolios using BlackRock’s Model Portfolios. The company said at the time the aim is to launch the increased offering in 2016, and initially to make it available to UK clients.
“We believe that by combining InvestYourWay’s innovative technology and IG’s world class platform and development expertise we’ll be able to build a truly best in class offering in the investments space in partnership with BlackRock,” said Ian Peacock, Head of IG UK.
IG is a multi-platform trading company and the first one to offer financial spread betting. It provides online trading services for shares, indices, forex, commodities and binary options on more than 10,000 financial markets. It has sales offices located in 17 countries, including the UK, Ireland, Germany, Austria and Netherlands.
UK-based InvestYourWay is an online investment manager that builds bespoke investment solutions. It allows clients to build a bespoke, professional-grade fund.
Source: iggroup.com
