Wealthfront is an automated investment services company based in Palo Alto, California, founded by Andy Rachleff and Dan Carroll. At the time of the announcement of the acquisition, Wealthfront has $27 billion in management for more than 470 thousand client accounts in the United States. It is planned to close the deal in the second half of 2022.
History
2022: UBS bought Wealthfront for $1.4 billion
On January 26, 2022, Swiss bank UBS AG announced the acquisition for $1.4 billion of asset management services provider Wealthfront, which is developing an online investment consulting service.
 | UBS will accelerate its growth ambitions in the United States, expand the company's reach among wealthy investors and expand its distribution and capabilities, both companies said in a statement. They also added that Wealthfront will become a wholly owned subsidiary of UBS and will operate as a division of UBS Global Wealth Management Americas. |  |
| | Adding Wealthfront's capabilities and customer base to our global investment ecosystem will significantly enhance our ability to grow our business in the United States, said UBS CEO Ralph Hamers. | |
Joining UBS will allow Wealthfront to offer customers additional services and research, said its CEO David Fortunato, adding:
| | We are very pleased that we have found a strategic partner who has the same idea of the power of technology. | |
In October 2021, UBS announced that it wants to create a digital scalable consulting model for wealthy customers in the Americas who can invest up to $2 million.
Notes
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