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Morgan Stanley Snaps Up Tech of Retirement Robo Blooom

Morgan Stanley has acquired components of the technology of retirement-focused robo advisor Blooom, which recently shuttered. So reports Barron’s.

Morgan Stanley2Brian McDonald, head of Morgan Stanley at Work, said that the deal supports the company’s push into employer-sponsored retirement plans.

It wasn’t clear why Overland Park, Kansas-based Blooom, which had $5.8 billion in assets under management, shut down, but Blooom CEO Chris Costello was among several former staff members who have now joined Morgan Stanley.

Read the full article from Barron’s.

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