July 26, 2013 / 1:12 AM / in 4 years

Bloomberg cancels its new wealth management product

July 25 (Reuters) - Bloomberg LP is canceling its new wealth management service, BloombergBlack, before it hits the market.

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.

Business Insider first reported the news that Bloomberg Black was canceled.

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