The deal contemplates keeping Wealthfront’s operation independent, David Fortunato, the firm’s chief executive officer, said in a blog post. Financial details of the deal, such as the form of payment, were not disclosed.
“Our aspirations have not changed. Our philosophy and principles remain the same. We want to make responsible investing available to a much wider audience, and with the help of UBS this should happen at a much faster pace,” the executive added.
The deal was reached by both parties after more than a year of negotiations, Wealthfront said in the entry.
For UBS, the deal is part of plans put in place by its CEO Ralph Hamers, with his arrival at the firm in November 2020, to strengthen the digitization of the services it offers.