Estimated reading time: 0 minutes, 35 seconds

UBS Buying Robo-advisor Wealthfront for $1.4B

UBS is acquiring robo-advisor Wealthfront for $1.4 billion. The all-cash deal is being made to help UBS accelerate growth in the U.S. and make inroads with the next generation of affluent investors. So reports Bankrate.

UBSWealthfront has more than 470,000 client accounts in the U.S. and manages more than $27 billion in assets. “Wealthfront complements our core business in the U.S. providing wealth management to high-net-worth and ultra-high-net-worth investors through trusted relationships with financial advisors, and will enhance our long-term ambition to deliver a scalable, digital-led wealth management solution to affluent investors,” Ralph Hamers, CEO of UBS, said in a statement.

UBS said its digital offering will also make human advisors available remotely.

Read the full article from Bankrate.

Read 3276 times
Rate this item
(0 votes)

Visit other PMG Sites:

PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.