UBS is buying robo-adviser Wealthfront for $1.4 billion, the financial services giant said Wednesday.
The acquisition would expand the Zurich-based bank's reach among millennial and Gen Z investors, who have favored automated investing services. It would also boost UBS's automated wealth-management capabilities.
Launched in 2008, Wealthfront is considered a pioneer in robo-investing software. The fintech manages over $27 billion in assets and has over 470,000 clients in the U.S.