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UBS Agrees to Buy Robo-Adviser Wealthfront for $1.4 Billion

  • Deal adds more than $27 billion in assets for Swiss bank
  • Accelerates Hamers’s plan to win over affluent investors
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UBS Group AG agreed to buy U.S. robo-adviser Wealthfront for $1.4 billion in cash, as Chief Executive Officer Ralph Hamers tapped a fintech firm for his first major acquisition.

The deal will add more than $27 billion in assets under management and over 470,000 clients in the U.S., Switzerland’s biggest bank said in a statement Wednesday.