In a new and seemingly unique arrangement among two Wall Street giants, UBS Wealth ManagementUS and JPMorgan's municipal finance group are joining forces in an exclusive, multi-year agreement that will allow UBS - which in June stopped negotiated underwriting of municipal debt - to have access to JPMorgan's negotiated new-issue product for its wealth management clients.

In turn, JPMorgan will gain access to UBS' more than 8,200 financial advisers, broadening its distribution capabilities nationally. The agreement, which The Bond Buyer learned of yesterday, is effective immediately, but will be officially launched when the firms participate in their first offering together by the end of the month or in September, according to Jim Hausmann, head of transaction products at UBS Wealth Management.

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