UBS failed to acquire Wealthfront for $1.4bn.

UBS, a multinational investment bank, failed to acquire Wealthfront, a provider of a robo-advisor designed to offer the combination of automated financial planning, investment management and banking-related services, for $1.4bn. “Adding Wealthfront’s capabilities and client base to our global investment ecosystem will significantly boost our ability to grow our business in the US. Wealthfront complements our core business in the US providing wealth management to high net worth and ultra high net worth investors through trusted relationships with financial advisors, and will enhance our long-term ambition to deliver a scalable, digital-led wealth management solution to affluent investors," Ralph Hamers, UBS CEO.