(CercleFinance.com) – UBS announced on Monday that it had given up on the acquisition of Wealthfront, an American specialist in wealth management which it had announced the acquisition at the beginning of the year.
The Swiss private bank explains that this decision, taken by “mutual agreement” with Wealthfront, does not prevent it from wanting to continue to develop in the United States, in particular by strengthening its digital offer.
The wealth manager had formalized last January the acquisition of this ‘fintech’ platform for 1.4 billion dollars with the objective of rejuvenating its clientele.
Wealthfront’s offering is primarily aimed at the ‘millennials’ and Generation Z segments, the youngest segments of the working population, to whom it provides automated financial planning tools to help them better manage their accounts and their wallets.
The transaction was to be completed during the second half of the year.
Copyright © 2022 CercleFinance.com. All rights reserved.
Did you like this article ? Share it with your friends with the buttons below.
