In late August, UBS closes down its U.K.-based digital wealth management solution, UBS SmartWealth, just after two-years of full-scale operation. This was mainly due to business considerations, namely “limited short-term potential and decided to cut its losses” as cited by Business Insider.
Furthermore, UBS decided to sell intellectual property rights relating to the SmartWealth technologies to U.S.-based SigFig, in which UBS a minority stake, that rolled out a new digital wealth platform together with UBS Wealth Management USA. This new solution, called UBS Advice Advantage, has been developed for some time as UBS Wealth Management USA acquired a stake in SigFig in May 2016 and formed a research lab “to collaborate on new wealth management tools as part of the venture” already back in 2016.
* I have analyzed the case of discontinuing UBS SmartWealth in one of my posts (in Finnish).