ZURICH (AFX) - UBS AG announced it will acquire the branch network of US financial advisory firm McDonald Investments, a unit of Key Corp Ltd, for up to 280 mln usd.
The transaction, which is subject to regulatory approval, is expected to close in the first quarter of 2007.
The Cleveland, Ohio, based company's 340 financial advisors and 280 support staff manage 165,000 accounts with client assets worth approximately 30 bln usd.
It provides comprehensive wealth management services to affluent and high net worth individuals, including estate planning, retirement planning and asset management solutions.
This transaction, coupled with recent acquisitions of the private client branch network of Piper Jaffray further strengthens UBS Wealth Management's presence in the US, the bank said.
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