UBS has closed its robo-adviser SmartWealth to new clients and sold the intellectual property rights to US-based firm, SigFig, for an undisclosed amount.
The Swiss firm suggested its reason for selling was that the near-term potential of the robo-adviser was "limited". The decision to sell was made after conducting an assessment of the service. A statement from UBS said: "We are proud of the award-winning technology we have developed and were satisfied with the initial commercial progress of UBS SmartWealth. "Having conducted a thorough assessment, however, at this time we believe the near-term potential is limited and have therefore decided to close our digital-only offering in the UK. "We are pleased, however, to have entered...
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