UBS is to shut the UK robo-advisory service it has been offering since 2016 and sell the technology to a US fintech firm after a review concluded its commercial potential was “limited”.
The sale comes as asset managers and wealth advisers, ranging from the largest businesses to niche players, scramble to launch digital and online offerings to tap a new generation of consumers — and illustrates how tough it can be to dislodge the sector’s dominant incumbents.
