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.

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

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“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.

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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.”