UBS has pulled the plug on its $1.4 billion acquisition of robo-advisor Wealthfront however says it’s nonetheless dedicated to its progress plans within the US and strengthening its digital providing.
The companies didn’t specify why they’ve mutually agreed to terminate the deal, which was introduced in January.
The Swiss financial institution will buy a $69.7 million be aware convertible in Wealthfront shares and the robo-advisor says the pair will “discover methods to work collectively in a partnership”.
Wealthfront was set to be the primary fintech acquisition beneath the tenure of latest UBS CEO Ralph Hamers, who stated it might “considerably increase our skill to develop our enterprise within the US”.