UBS AG is to acquire the branch network of McDonald Investments, a unit of KeyCorp, for up to $280 million, the Swiss investment bank said on September 06.
The purchase is UBS's second acquisition this year of a wealth management business in the United States, where it is seeking to expand its operations in order to take on US rivals on their home turf.
Analysts welcomed the move, saying that it should help bolster UBS's position in the United States, the world's largest market for wealth management.
McDonald Investments has around 340 financial advisers and 280 field support staff and manages 165,000 accounts with total client assets of approximately $30 billion, UBS said in a statement.
It has 51 branch offices throughout the Northeast, Midwest, Rocky Mountains and Northwest states.