Swiss private banking and wealth management giant UBS is shutting down its online investment advice service SmartWealth and plans to sell the tech to San Francisco-based SigFig.
Though the terms are yet to be disclosed, the deal tightens the two-year relationship between SigFig and UBS.
SigFig CEO Mike Sha says: “This acquisition underscores our strong, growing relationship with UBS, as we work together to provide better digital financial solutions to advisors and their clients. More specifically, an increasing number of consumers, banks and enterprises in the U.K. are seeking digital wealth management solutions, and we saw this deal as a perfect opportunity to quickly establish a veteran technology team and U.K. compliant offering.”
