UK fund manager abrdn has scrapped plans to acquire  artificial intelligence (AI) powered platform Exo Investing after agreeing to invest an undisclosed sum in the parent company Nucoro instead.

The deal to buy Exo Investing was announced back in August 2021 and was expected to lead to abrdn’s launch of a wealth management app.

However, according to abrdn’s chief strategy and business development officer David Mouille, the two companies decided that a strategic investment in the parent company Nucoro made more sense, giving abrdn access to a broader range of technology.

“Nucoro’s technology showcases best in class investment infrastructure that will power this future and we are excited to invest in the company behind it,” said Mouille.

The investment comes a week after abrdn completed its purchase of the UK’s second largest investment platform Interactive Investor for £1.49 billion.

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