According to AdvisorHub, UBS purchased Wealthfront, a digital wealth management platform worth more than $27 billion in assets under management. UBS will gain a new client base with Wealthfront's 470,000 U.S.-based clients.
UBS executives shared that Wealthfront complements their core business in the United States, providing management to high-net-worth investors through trusted relationships with financial advisors. The acquisition will also enhance UBS's long-term ambition to "deliver scalable, digital-led wealth management solutions to affluent investors."
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