Categories: OLD Media Moves

Bloomberg cancels new wealth management product

Bloomberg LP is canceling its new wealth management service, BloombergBlack, before it hits the market, reports Jennifer Saba of Reuters.

Saba writes, “For $100 a month, the service was expected to cater to individuals looking to track their investment portfolios – including mutual fund holdings, 401K retirement plans and college savings plans.

“The project offered customers the opportunity to manage their portfolios held with retail brokerages and investment firms in one place, according to BloombergBlack’s website.

“‘We weighed the future prospects of the business against the ongoing resource investment and concluded that it wasn’t in our best interest to continue moving forward,’ said a Bloomberg spokesman. ‘We remain optimistic about the idea and open to the possibility of pursuing a similar business in the future.’

“Thomson Reuters is a competitor of Bloomberg LP.”

Read more here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.