BlackRock (NYSE: BLK), the world’s largest asset manager and parent company of iShares, the world’s largest issuer of exchange traded funds, is entering the fast-growing robo advisor with the acquisition of FutureAdvisor. The deal was announced yesterday.

The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2015. The financial impact of the transaction is not material to BlackRock earnings per share. Terms were not disclosed, according to a statement issued by the two companies.

BlackRock enters the burgeoning robo advisor that includes well-known names such as Charles Schwab (NYSE: SCH), WealthFront and Betterment.

“In recent years, however, automated investment firms have attempted to reverse the exclusivity of the practice, opening it up to less affluent investors, by computerizing the process with algorithm-based technology. Robo-advising firms aim to revolutionize the brokerage practice, and Betterment and Wealthfront’s recent actions exemplify the larger trends within the industry,” according to Iris.xyz.

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