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UPS buys US Wealth Manager for $ 1.4 billion

Banks

UBS captures US Online Wealth Manager for $ 1.4 billion

UPS is growing in the USA: it takes over the automated asset manager Wealthfront. Its focus is primarily on wealthy young investors.

The acquisition of Wealthfront aims to expand UBS ‘reach among wealthy investors. (Icon Image)

Keystone

UBS, the largest bank in the United States, has acquired Wealthfront, a digital asset manager, for $ 1.4 billion. Will be paid in cash and in the second half of 2022, subject to regulatory approvals, UBS announced Wednesday evening. With this acquisition, the major bank wants to accelerate its growth ambitions in the United States and expand its reach among wealthy investors.

Wealthfront is an automated wealth management provider whose clients are primarily investors from the “Millennials” and “Generation Z” generations, i.e. young people in their mid-20s to mid-30s. According to the announcement, the company has more than 470,000 customers in the United States and manages assets worth over $ 27 billion.

CEO Ralph Hamers cites the acquisition of Wealthfront as a significant boost to UBS’s ability to grow its business in the United States. “Wealthfront completes our core U.S. business by providing wealth management to high net worth and high net worth investors through trusted relationships with financial advisors.” (dpo)

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