UBS has announced that it is closing its robo-advisor and selling the technology to US-based SigFig. The bank cites the limited short-term potential of the digital wealth management platform in its decision.
Little more than a year after launch, UBS is shutting down its SmartWealth digital wealth management platform for non-super rich Brits and selling off the technology to US robo-advisor SigFig. A message on the SmartWeath site says that the service, which officially launched in March 2017, is closed to new customers. Although existing customers can still log in, UBS says in a statement that, while it is "satisfied" with the commercial progress of the service, "at this time we believe the near-term potential is limited and have therefore decided to close our digital-only offering in the UK". SmartWealth aimed to take advantage of technological advances to bring wealth management service to a "new group of clients", requiring a minimum investment of just £15,000.