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UBS Abandons $1.4 Billion Deal for Robo-Adviser Wealthfront

  • Valuations of fintech firms have slid since deal was reached
  • Wealthfront CEO says he’s ‘incredibly excited’ about future
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UBS Group AG has abandoned its plan to acquire US robo-adviser Wealthfront, unwinding what would have been the Swiss bank’s first major acquisition under Chief Executive Officer Ralph Hamers.