Ally Financial to Buy Online Broker TradeKing Group For $275 Million
Ally Financial Inc. will announce plans to acquire online brokerage firm TradeKing Group Inc. for about $275 million on Tuesday, the lender said.
The expected announcement is a part of Ally’s recently unveiled plans to expand into new business lines including wealth management, mortgages and credit cards, executives said in an interview with The Wall Street Journal. Formerly known as GMAC and spun off from General Motors, Ally has focused on shoring up its financials in recent years.
Fort Lauderdale, Fla.-based TradeKing has online brokerage offerings and offers professionally managed portfolios. It has about $4.5 billion in client assets, according to Ally.