‘This development will enable us to further refine our platform to provide a more complete service to robo-advisor companies in general,” he said in a press release.
The firm says it is the largest U.S. electronic broker in terms of daily average revenue trades, or trades in which the broker can be expected to generate revenue through commissions or fees.
The Interactive Brokers Group platform routes orders and processes transactions on more than 100 electronic exchanges and trading venues across the world, according to the company.
Covestor officials said the deal will allow the company to expand its SMA platform.
“This acquisition increases our ability to rapidly add more portfolio managers to Covestor’s marketplace, provide additional asset classes to clients, and expand our offerings globally,” Steven Holstein, Covestor’s chief marketing officer, said in a press release.