Robinhood plans to acquire investment platform TradePMR for $300 million

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Robinhood is planning to acquire the custody and investment portfolio management platform TradePMR for about $300 million. This move by the online brokerage aims to attract a broader group of affluent investors. The deal, involving approximately $300 million in cash and stock, is expected to be completed in the first half of next year. Through this acquisition, TradePMR's registered investment advisors will be able to access Robinhood's clients, who will also be able to easily connect with registered investment advisors (RIA).

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