Here’s an odd match: Roboinvest, a two-year-old New York startup, has merged with Pennaluna & Company, an Idaho brokerage founded in 1926 that specializes in mining stocks. The merger lets Roboinvest skip the agonizing process of registering as a broker-dealer in order to conduct trading, and gives the aging Pennaluna hope for new growth.
Roboinvest is one of the pioneers of "social investing," in which traders broadcast their trades for others to copy, the rationale being that most small-time investors prefer to follow an exprienced guru. It’s similar to other "mirrored investing" or "copycat trading" platforms such as Covestor, eToro, and Currensee.
Roboinvest works with platforms like E*TRADE that are registered with the...
via The Verge - All Posts http://www.theverge.com/2012/12/21/3791670/two-year-old-startup-merges-86-year-old-idaho-firm
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