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(Reuters) -Swiss bank UBS and Wealthfront said on Friday they have mutually agreed to terminate their $1.4 billion deal, as part of which the automated wealth management provider was to be acquired by UBS Americas Inc.

The deal, first announced earlier this year, was expected to fast-track UBS’s growth in the U.S. market.

Several large financial firms including Wall Street giants JPMorgan Chase & Co, Goldman Sachs and Morgan Stanley have ventured into new client bases in recent times beyond the high-net-worth individuals they traditionally served.

The Swiss bank said it is co*mitted to its plan of growing in the U.S. and will continue to build its digital wealth management offering.

“We are continuing to explore ways to work together in a partnership and UBS has given us $70 million in financing at a $1.4 billion valuation,” Wealthfront Chief Executive Officer David Fortunato said.

The deal with Wealthfront, one of the largest digital wealth management firms known as “robo-advisers”, was expected to close in the second half of the year.

(Reporting by Manya Saini in Bengaluru; Editing by Shounak Dasgupta)