BlackRock Eyes Spare Change With Bet on Small-Time Investors
- Makes anchor investment in Acorns, a micro-investing app
- The firms will partner on new tech for Acorns customers
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BlackRock Inc., already sitting on a mountain of assets, is turning its attention to a much smaller market -- your pocket change.
The $6.3 trillion money manager said it became an anchor investor in Acorns, an app that allows rookie investors to put spare change from everyday purchases into diversified exchange-traded fund portfolios, according to a news release Wednesday. The firms said they will partner on new technology they can provide for Acorns users.