The acquisition of Wealthfront, which has more than 470,000 clients in the US and caters to well-off millennial and Gen Z investors, is set to close in the second half of 2022.
Wealthfront will become a wholly owned subsidiary of UBS and will operate as a business within UBS Global Wealth Management Americas. Joining up with UBS will let Wealthfront offer clients additional services and research.
UBS had said in October 2021 it wanted to build a digitally scalable advice model for affluent clients in the Americas who have up to USD 2 million to invest.
The companies said UBS Investment Bank is acting as financial adviser to UBS and Sullivan & Cromwell is legal counsel. Qatalyst Partners is Wealthfront's financial adviser and Fenwick & West is acting as legal counsel.
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