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Two former Scottrade executives are taking a page from the playbook of banks and custodians, acquiring a small robo advice platform with the goal of reaching a niche investor market.
Jonathan Yao and Kris Wallace say they want to aggressively pursue investors in Chinese-American communities in cities like Los Angeles, New York and San Francisco, as well as across the Asia-Pacific region — following a trend of tailoring digital advice platforms to appeal to specific minority investor communities.
The pair acquired MarketRiders, an independent robo, for an undisclosed combination of cash and stock through Sogo Financial Group, the parent company of the discount online brokerage SogoTrade. Yao is SogoTrade's CEO and Wallace has become CEO of MarketRiders.
A web-based software tool launched in 2008 to serve DIY investors, which migrated into robo advice in 2015, MarketRiders reported...