Traditionally, UBS hasn’t had a lot time for you if you happen to weren’t a multimillionaire. This was effective when it was additionally a full-service funding financial institution, however over the previous few years it’s determined to cease being that. To plug the hole, it’s going to need to attraction to poor folks, by which it means these with lower than $2 million, however nonetheless a minimum of 1 / 4 of 1,000,000.
Now, that’s a fairly large group, one that will require numerous headcount to serve. However, being Dutch and all, UBS CEO Ralph Hamers is a sensible, parsimonious man. And robots don’t want workplace area and are additionally presently incapable of embarrassing racist outbursts in Connecticut smoothie outlets.
UBS Group AG agreed to purchase U.S. robo-adviser Wealthfront for $1.4 billion in money…. The deal will add greater than $27 billion in belongings below administration and over 470,000 purchasers within the U.S…. Hamers, in his second 12 months working the financial institution, needs to make use of synthetic intelligence to higher pitch providers to the world’s rich.
UBS Agrees to Purchase Robo-Adviser Wealthfront for $1.4 Billion [Bloomberg]
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