Historically,
UBS
hasn’t
had
much
time
for
you
if
you
weren’t
a
multimillionaire.
This
was
fine
when
it
was
also
a
full-service
investment
bank,
but
over
the
past
few
years
it’s
decided
to
stop
being
that.
To
plug
the
gap,
it’s
going
to
have
to
appeal
to
poor
people,
by
which
it
means
those
with
less
than
$2
million,
but
still
at
least
a
quarter
of
a
million.
Now,
that’s
a
fairly
big
group,
one
that
would
require
quite
a
lot
of
headcount
to
serve.
But,
being
Dutch
and
all,
UBS
CEO
Ralph
Hamers
is
a
practical,
parsimonious
man.
And
robots
don’t
need
office
space
and
are
also
presently
incapable
of
embarrassing
racist
outbursts
in
Connecticut
smoothie
shops.
UBS
Group
AG
agreed
to
buy
U.S.
robo-adviser
Wealthfront
for
$1.4
billion
in
cash….
The
deal
will
add
more
than
$27
billion
in
assets
under
management
and
over
470,000
clients
in
the
U.S….
Hamers,
in
his
second
year
running
the
bank,
wants
to
use
artificial
intelligence
to
better
pitch
services
to
the
world’s
wealthy.
UBS
Agrees
to
Buy
Robo-Adviser
Wealthfront
for
$1.4
Billion
[Bloomberg]
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