One of the biggest online retail brokers, IG Group (LON:IGG), has issued a positive trading update on the company’s quarter this morning. Despite headwinds for some parts of the industry, particularly in Japan, where trading volumes have materially declined, the results for IG in the second quarter of the fiscal year ending in May 2016 are going to be better than last quarter.
IG Group (LON:IGG) will issue its full financial statement on the six months ending on November 30th on January 19th, 2016.
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In addition, the company outlines in its statement that it is on track with new client on boarding and is continuing the development of its strategic initiatives. Last week, IG Group (LON:IGG) announced the acquisition of personalized investment manager InvestYourWay.
The acquisition is part of a broader push for the brokerage into investment management after a partnership deal with Blackrock was announced in July. The expansion of some brokers into the field is very likely to open a new revenue stream for online brokers.
IG Group is not the only brokerage looking to capitalize on investment management opportunities. JFD Brokers has been working on an internal solution, while Darwinex recently upgraded its solution which is opening doors for its clients to become investment managers on their own.