News and trading platform vendor Bloomberg is scrapping its new wealth management service, BloombergBlack, before it enters the market. 

The service – which reportedly would charge $100 a month – was designed to serve people looking to monitor their investment portfolios - including mutual fund holdings, 401K retirement plans and college savings plans.

A Bloomberg spokesperson told this publication: “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. We remain optimistic about the idea and open to the possibility of pursuing a similar business in the future."