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UPS targets young customers with USI acquisition |  News |  Current

UPS targets young customers with USI acquisition | News | Current

UPS is accelerating its growth ambitions in the United States. (Image: ZVG)

UBS acquires US Digital Wealth Manager Wealthfront, which strengthens its offer for convenient Millennials and Gen Z customers.

The big bank announced on Thursday that UBS is taking Wealthfront for $ 1.4 billion. The acquisition of the state-of-the-art, all-digital platform will accelerate UBS’s growth ambitions in the United States and expand the bank’s range in the high net worth segment, as well as expand its financial services and distribution capabilities.

With over $ 27 billion in assets under management and more than 470,000 customers in the United States, Wealthfront’s award-winning site enables customers to easily manage their wealth through financial planning skills, banking services and investment solutions. After the transaction, Wealthfront customers will have access to UBS’s wealth management capabilities.

Wealthfront’s primary focus is on Millennials and Gen Z investors, a client segment with significant domestic growth potential. With more than 130 million investors in the United States alone, Millennials and Gen Z together form a high-growth segment that holds a growing share of the world’s wealth. UBS aims to expand its business relationships with affluent clients and the Wealthfront’s platform will lay the groundwork for a new digital offer that will also enable personalized consulting through digital channels.

The Wealthfront will be a wholly owned subsidiary of UBS and will operate the business division at UBS Global Wealth Management Americas. The transaction is subject to regular closing conditions and is expected to occur in the second half of 2022.

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