UBS abandons $1.4bn deal for robo-adviser Wealthfront ...Qatar

UBS Group AG has abandoned its plan to acquire US robo-adviser Wealthfront, unwinding what would have been the Swiss bank’s first major acquisition under chief executive officer Ralph Hamers. The companies together decided to terminate their January merger agreement, valued at $1.4bn, according to statements from both of them on Friday that didn’t specify a reason. UBS will purchase a $69.7mn note convertible into Wealthfront shares. The planned deal marked Hamers’ effort to put a definite stamp on UBS after former Chairman Axel Weber recruited him in 2020 from Dutch lender ING thanks to his perceived digital skills. At the time, Hamers trumpeted the Wealthfront acquisition as a cornerston

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