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August 30, 2018

UBS to sell UK digital advice business to SigFig

UBS is set to shut its digital wealth management platform in the UK dubbed SmartWealth and will sell the technology to US-based online investment adviser SigFig.

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The move follows a review that found the near-term potential of SmartWealth to be limited.

“We are confident that SigFig is best placed to accelerate and broaden the commercial prospects of the intellectual property behind UBS SmartWealth,” UBS said.

SmartWealth was launched in early 2017, targeting the mass affluent segment. The platform offers real-time advice for a minimum investment of £15,000.

Users of the platform are charged 1% for passive portfolios and 1.7% for active portfolios.

“We believe the decision serves the best interests of the business and will allow us to invest further in other client-facing improvements, whilst sharing in the future success of the IP we have created via our equity holding and ongoing partnership with SigFig,” the Swiss bank noted.

The decision to offload the business builds on the bank’s two-year relationship with SigFig.

The bank formed a strategic alliance with SigFig in 2016 to develop wealth management technology and made an equity investment in the online adviser.

The two parties also created a joint adviser technology research and innovation lab.

Commenting on the latest deal, SigFig CEO Mike Sha said: “This acquisition underscores our strong, growing relationship with UBS, as we work together to provide better digital financial solutions to advisers and their clients.

“More specifically, an increasing number of consumers, banks and enterprises in the UK are seeking digital wealth management solutions, and we saw this deal as a perfect opportunity to quickly establish a veteran technology team and UK compliant offering.”

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Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
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