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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.

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