Some seven months after UBS Group AG agreed to buy robo advisor Wealthfront for $1.4 billion, the two firms now say they have "mutually agreed to terminate their merger agreement," according to a statement.
UBS will, however, buy a $69.7 million note that is convertible into Wealthfront shares.
"UBS remains committed to its growth plans in the U.S. and will continue the build-out of its digital wealth management offering," it explained in a press release late Friday.
When the deal was announced on Jan. 26, Wealthfront had some $27 billion in assets under management and over 470,000 clients in the U.S.
