Fintech provider TIAA has acquired MyVest, a San Francisco-based wealth management technology provider, for an undisclosed sum.
MyVest, which offers customised wealth management services on a single unified platform for financial providers, will now operate as a subsidiary of TIAA that specialises in emerging technologies.
TIAA believes that the deal would support its efforts to offer a full suite of digital advice capabilities along with its in-person and phone-based services.
The two companies have partnered since 2009 to offer customised discretionary investment and tax management services for individuals, and will continue to collaborate across TIAA’s product line.
TIAA chief digital officer Scott Blandford said: "We have benefited from MyVest’s innovations for many years and are thrilled to welcome this talented team to the TIAA family.
"MyVest’s engineering and design expertise, coupled with its deep knowledge of wealth management will help us find new ways to simplify the complex – and often daunting – world of personal finance our clients navigate throughout their lives."
TIAA CEO of retail financial services Kathie Andrade said: "Our customers deserve choices and should be able to interact with us on their terms – when, where and how they want. This move will improve our ability to personalize financial services offerings and better meet customer needs, including those who prefer to interact with us online."