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UBS abandons $1.4bn Wealthfront acquisition

UBS abandons $1.4bn Wealthfront acquisition

UBS has pulled the plug on its $1.4 billion acquisition of robo-advisor Wealthfront but says it is still committed to its growth plans in the US and strengthening its digital offering.

The firms did not specify why they have mutually agreed to terminate the deal, which was announced in January.

The Swiss bank will purchase a $69.7 million note convertible in Wealthfront shares and the robo-advisor says the pair will "explore ways to work together in a partnership".

Wealthfront was set to be the first fintech acquisition under the tenure of new UBS CEO Ralph Hamers, who said it would "significantly boost our ability to grow our business in the US".

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