Robinhood is set to acquire TradePMR, a custodial and portfolio management platform, for approximately $300 million in cash and stock. The move is aimed at attracting wealthier clients and closing the gap between Robinhood's client base and TradePMR's registered investment advisors (RIAs). The acquisition aligns with Robinhood's plan to compete with established players in the wealth management market and cater to younger investors in the midst of a historic wealth transfer. The deal is expected to close in the first half of 2025. After the announcement, Robinhood's stock initially gained in pre-market trading but fell shortly afterward.



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