UBS closes UK robo-advice business
UBS has sold its UK robo-advice business to California-based robo firm SiFig, in which UBS has an equity stake.
"At this time we believe the near-term potential is limited and have therefore decided to close our digital-only offering in the UK."
The UBS SmartWealth service launched in 2016 but will now be closed to new customers in the UK as UBS decides to 'prioritise investment elsewhere'.
It is thought that a number of staff at SmartWealth will join SigFig as part of the transition.
In a statement, 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 confident that SigFig is best placed to accelerate and broaden the commercial prospects of the intellectual property behind UBS SmartWealth.
"We believe the decision serves the best interests of the business and will allow us to invest further in other client-facing improvements, whilst sharing in the future success of the IP we have created via our equity holding and ongoing partnership with SigFig."
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