Investing

UBS Growth Plans in US Dented After Wealthfront Deal Fails

$1.4 billion deal was centerpiece of digital expansion plans
CEO Hamers has pegged strategy on new technology, cost focus

Ralph Hamers
Photographer: Jason Alden/Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Myriam Balezou

September 5, 2022 at 8:24 AM UTC

Updated on

September 5, 2022 at 1:47 PM UTC

This article is for subscribers only.

UBS Group AG Chief Executive Officer Ralph Hamers suffered a surprise setback in his quest to make the Swiss wealth manager more digital after the $1.4 billion acquisition of a US robo-adviser that formed a cornerstone of his push collapsed.

Late Friday, UBS and Wealthfront announced that the transaction they announced in January would not go ahead. Neither side specified a reason for the decision.