UBS Acquires Wealthfront in $1.4 Billion All-Cash Transaction
January 26 2022 - 12:48PM
Dow Jones News
By Denny Jacob
UBS Group AG said Wednesday it would acquire automated wealth
management provider Wealthfront in an all-cash transaction valued
at $1.4 billion.
Wealthfront, which primarily focuses on millennial and Gen Z
investors, has over $27 billion in assets under management and more
than 470,000 clients in the U.S.
Wealthfront will become a wholly owned subsidiary of UBS and
will operate as a business with UBS Global Wealth Management
Americas. Wealthfront will expand UBS's existing offering through
the firm's Wealth Advice Center and its Workplace Wealth Solutions
business.
"Adding Wealthfront's capabilities and client base to our global
investment ecosystem will significantly boost our ability to grow
our business in the U.S.," Group Chief Executive Ralph Hamers said
in prepared remarks.
The transaction is expected to close in the second half of
2022.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
January 26, 2022 12:33 ET (17:33 GMT)
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