Piper Jaffray sells unit to UBS
Piper Jaffray has agreed to sell its Piper Jaffray Financial Advisors unit to UBS for at least $500 million in cash. UBS will fold the wealth management in the current division of the Swiss giant. UBS will acquire $52 billion in assets managed by 800 advisers in 90 cities, mainly in the Midwest. This adds to UBS' U.S. holdings and signals its desire to be active in this market. Most of UBS' existing U.S. assets came from the former Paine Webber, which it acquired in 2000.
> Here's an article from TheStreet.com.
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