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UBS Group AG scrapped its planned $1.4 billion invest in of Wealthfront late Friday, in a setback to the Swiss bank’s plans to expand in the U.S. in on the web wealth advice.
UBS, one of the world’s biggest prosperity professionals by assets, struck the deal in January just before technologies business valuations plummeted in a current market selloff. Bank executives billed it as a way to reach more youthful traders who desire to regulate their income through on the internet purposes as a substitute of sitting down with an adviser. They explained UBS could tap into Wealthfront’s user-welcoming know-how to establish other electronic expert services, amid an arms race for funds professionals and financial institutions to improve purchaser ordeals.
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