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The deal, first announced earlier this year, was expected to
fast-track UBS's growth in the U.S. market.
Several large financial firms including Wall Street giants
JPMorgan Chase & Co, Goldman Sachs and Morgan Stanley have
ventured into new client bases in recent times beyond the
high-net-worth individuals they traditionally served.
The Swiss bank said it is committed to its plan of growing in
the U.S. and will continue to build its digital wealth
management offering.
"We are continuing to explore ways to work together in a
partnership and UBS has given us $70 million in financing at a
$1.4 billion valuation," Wealthfront Chief Executive Officer
David Fortunato said.
The deal with Wealthfront, one of the largest digital wealth
management firms known as "robo-advisers", was expected to close
in the second half of the year.
(Reporting by Manya Saini in Bengaluru; Editing by Shounak
Dasgupta)
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