Just before the Labor Day Weekend buzzer hit, UBS and Wealthfront launched a half court headline grabber with the confirmation that their much ballyhooed $1.4 billion merger had clanked off the front of the rim.
And with a long weekend to ponder and speculate just what happened, the industry is still wondering where it all went wrong.
The CEO on one side of the deal said its dissolution is an exciting opportunity to move forward as an independent organization. Meanwhile, the CEO on the other side hasn't said a word.
Experts say it's about more than money, and some industry insiders say the deal represented "one of the biggest culture clashes in the history of fintech" from day one.
But what people really want to know about this awkward, public breakup is: which side called the other into the room, plopped down on the bed and said "we need to talk" first?
Check out our coverage of the split thus far, and stay locked to Financial Planning as we continue to analyze the impact and reasoning behind the mutual parting of ways.
Anything else on your mind? Drop me a line at justin.mack@arizent.com. Have a great rest of the week!
Regards,
Justin | | Justin Mack
Reporter, Financial Planning
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| By Justin L. Mack 3 min read | Officials say the decision to call off the acquisition, first announced in January, was mutual. Read story → |
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| | | By Justin L. Mack | Plus, a new Morgan Stanley retirement portal for advisors, and a DEI focused podcast series from the BLX Internship Program. Read story → |
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| | | By Paul J. Davies 3 min read | Wall Street analysts have presumed that $1.4 billion is now just too much to pay for Wealthfront, but price isn't a sufficient explanation. Read story → |
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| | | By Myriam Balezou 2 min read | The deal would have been Ralph Hamers' biggest transaction since becoming CEO less than two years ago. Read story → |
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