(Finance) – The Swiss banking giant UBS reached an agreement for acquire Wealthfront in an all-cash transaction valued at $ 1.4 billion. Wealthfront is a US company active in the field of robo advisors, or web services for the management of a financial portfolio that require moderate to minimal human intervention, and with a focus on Millennial and Gen Z investors. With over $ 27 billion in assets under management and over 470,000 clients in the United States, Wealthfront’s platform helps clients easily manage their wealth by providing access to financial planning, banking and investment management solutions.
“Adding Wealthfront’s capabilities and client base to our global investment ecosystem it will greatly increase our ability to grow our business in the United States“said Ralph Hamers, UBS Group CEO. Wealthfront will become a wholly owned subsidiary of UBS and operate as part of UBS Global Wealth Management Americas. The transaction is expected to close in the second half of 2022.