What is SigFig
UBS joins forces with robo-advisors
UBS's 7,000 or so client advisors in the USA are provided with a robo-advisor. What the big Swiss bank is aiming for.
UBS is entering into an alliance with the Californian robo-advisor SigFig in the USA, the Swiss financial institution announced on Monday. UBS Wealth Management Americas (WMA) and SigFig want to jointly develop financial technologies for client advisors and clients, it said.
As part of the alliance, UBS WMA made a capital investment in SigFig - but no information was given about the extent of this.
SigFig is to develop and adapt digital instruments and services for around 7,000 client advisors at UBS WMA. UBS is convinced in the press release that these would improve the ability of UBS client advisors to provide efficient investment advice.
The two companies also want to establish a joint research and innovation center for new asset management technologies.
Already in use several times
SigFig was founded in 2007 and was co-founded and CEO Mike Sha guided. According to the information, the digital asset management platform is already in use at a number of large financial institutions: The platform is already helping "millions of people to monitor and optimize assets of more than 400 billion dollars," according to the announcement.
SigFig is funded by major venture capital firms such as Bain Capital Ventures, Union Square Ventures, DCM and Nyca Partners.
Trend towards hybrid investment advice
Various big banks and investment companies such as Morgan Stanley, Bank of America or BlackRock strengthen customer advice with the expertise of a robo-advisor, such as finews.ch reported variously.
But also smaller players like the Swiss bank Linth and its Liechtenstein parent company LLB have recently acquired a robo-advisor.
The trend towards hybrid investment advice - a combination of flesh-and-blood advisors and technological aids - is helping financial institutions to cut costs.
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