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UBS: abandons acquisition of US Wealthfront

( - UBS announced on Monday that it had abandoned its plans to acquire Wealthfront, a US wealth management specialist whose acquisition it announced earlier this year.

The Swiss private bank explained that this decision, taken by "mutual agreement" with Wealthfront. It does not prevent it from wanting to continue to develop in the US, in particular by reinforcing its offer in the digital sector.

The asset manager announced the acquisition of this "fintech" platform for 1.4 billion dollars last January with the aim of rejuvenating its client base.

Wealthfront's offer is mainly aimed at "millennials" and generation Z segments, the youngest sections of the working population, to whom it provides automated financial planning tools to help them better manage their accounts and portfolios.

The deal was expected to close in the second half of the year.

UBS shares are currently down about 1%, in line with the market in Zurich.

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