Swiss banking major UBS Group and US-based Robo-adviser Wealthfront have mutually terminated a $1.4bn deal which was expected to go through by 2H 2022. Earlier this year, UBS Americas announced that it would acquire Wealthfront in an all-cash transaction to expand across US markets. The deal was supposed to be its largest acquisition since 2008. The lender was looking to build its digital wealth management segment with the initially planned deal. The reason for the deal’s termination has not yet been disclosed. Wealthfront CEO David Fortunato said, “We are continuing to explore ways to work together in a partnership and UBS has given us $70mn in financing at a $1.4bn valuation.”
UBS’s USD 5.125% Perp traded lower by 0.23 points to 91.37 to yield 7.77%.
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