UBS closes robo-adviser to new clients

UBS is shutting its UK-based digital advice business, SmartWealth, and selling the technology to SigFig, a Silicon Valley-based startup. The SmartWealth service was launched in 2016, with the UK intended to be the first of many countries it was rolled out to, but the Swiss bank has now decided the short-term potential of the business is “limited”. A note on the bank’s website says that while existing clients can still log into the service, it would not be accepting any new customers. UBS SmartWealth was aimed at a wealthier market than most robo-advisers, with a minimum investment ...