UBS Expands Wealth Management Business
Swiss bank UBS AG said it will buy the McDonald Investments financial advisory business from KeyCorp for as much as US$280 million to expand its U.S. wealth management business.
The deal should be completed in the first quarter of 2007, subject to regulatory approval, the two companies said.
Cleveland, Ohio-based McDonald Investments has a network of about 340 financial advisers across 14 U.S. states. The company manages 165,000 accounts and has total client assets of about US$30 billion.
"This transaction is an excellent fit for UBS," said Martin Hoekstra, head of UBS Wealth Management U.S.
UBS bought the private client services branch network of Piper Jaffray earlier this year for about US$500 million to build up its wealth management business in the Midwest and western U.S. states.
Shares in UBS fell 0.1 percent to 71.25 Swiss francs in Zurich trading.
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