(Bloomberg) -- BlackRock Inc., the world's largest asset manager, is investing in an app called Acorns that serves novice investors and will partner with the firm to create new uses for its technology.
Acorns allows its customers to invest spare change from everyday purchases into diversified exchange-traded fund portfolios, BlackRock said in a statement Wednesday.
As part of the agreement, the companies will pursue creating “technology enabled tools” for Acorns's users. Acorns has more than 3.3 million investment accounts and uses algorithms to help clients automatically invest in low-cost ETFs.
To contact the reporter on this story: Alan Mirabella in New York at amirabella@bloomberg.net.
To contact the editors responsible for this story: Margaret Collins at mcollins45@bloomberg.net, Vincent Bielski
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