The logo of Swiss bank UBS is seen in Zurich, Switzerland October 25, 2018. REUTERS/Arnd Wiegmann

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Sep 2 (Reuters) – Swiss bank UBS (UBSG.S) and Wealthfront said on Friday they had mutually agreed to terminate their $1.4 billion deal, under which the automated wealth management provider was to be acquired by UBS Americas Inc.

The deal, first announced earlier this year, was expected to accelerate UBS’s growth in the US market. Read more

Several large financial firms, including Wall Street giants JPMorgan Chase & Co, Goldman Sachs and Morgan Stanley, have recently ventured into new client bases beyond the high net worth individuals they traditionally served.

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The Swiss bank said it was committed to its U.S. growth plan and would continue to expand its digital wealth management offering.

“We continue to explore ways to work together in a partnership and UBS has provided us with $70 million in funding at a valuation of $1.4 billion,” said Wealthfront’s chief executive, David Fortunato.

The deal with Wealthfront, one of the largest digital wealth management companies known as “robo-advisers”, was expected to close in the second half.

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Reporting by Manya Saini in Bangalore; Editing by Shounak Dasgupta

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