Swiss bank UBS is set to acquire robo advisor Wealthfront.
In Brief:
Welathfront currently offers automated investment services including some banking services like direct deposits and transfers.
It oversees $27bn for over 470,000 clients across the US.
Now, its services will become part of UBS’ Wealth Advice Centre, and become the foundation for the bank’s digital offering.
What does this mean?
This latest FinTech acquisition will enhance the wealth management capabilities UBS can offer to its customers. UBS’ core business in the US is currently providing wealth management to high net worth (HNW) and ultra HNW individuals and it will use Wealthfront to further scale and digitalise this process.
