UBS Group AG is a European financial holding providing its services through 4 divisions: Global Wealth Management, Personal & Corporate Banking, Asset Management, and Investment Bank. It’s famous for having half of the world’s billionaires as its clients.
On the market, this enterprise is valued at $63,502B with a price per share of $18.43. In the early days of January, the stock was worth $18, 14 days later it surged 9.5% to $19.7, hitting a new six-month high. At that time, the company announced its intention to focus on less wealthy customers with the help of a new digital platform. However, the price has been falling since mid-January. Moreover, the stock is trading at $18.4 in the pre-market.
UBS set out to expand its customer base with new digital services, focusing on Generation Y and Z, who will hold a larger share of the world’s wealth in the future. To do this, it acquired the young American company Wealthfront for $1.4 billion. It has 470,000 clients, most of them the younger generation, and manages $27 billion in assets, including cryptocurrencies. This merger will enable UBS Group AG to expand its business in the US and allow Wealthfront to offer a broader range of services to customers.