International investment bank and wealth manager, UBS announced on Tuesday that it will acquire the Private Client Branch Network of Piper Jaffray Companies for $500 million in cash.
The transaction is expected to close at the beginning of the third quarter, subject to regulatory approval.
The transaction also includes the assignment of a portfolio of client loans for approximately $300 million and an additional cash consideration of $75 million at closing, dependent on certain criteria and business thresholds being met.
Based in Minneapolis, Piper Jaffray has more than 800 financial advisors, 190,000 household relationships and total client assets of $52 billion. It provides wealth management services to private clients including estate planning, retirement planning, brokerage and insurance. Its business has nearly 90 branch offices located across 17 states.
Piper Jaffray’s Financial Advisors will be integrated into UBS Wealth Management US and will enhance UBS Wealth Management’s presence in the Midwest and western United States.
“This transaction is a natural fit with our current wealth management offering in the US,” explained Marten Hoekstra, Head of UBS Wealth Management US.
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