UBS on Wednesday announced that it will acquire the branch network of McDonald Investments from KeyCorp for up to $280 million.
The Cleveland-based McDonald — which oversees 165,000 accounts and total client assets of approximately $30 billion — provides wealth management services to affluent and high-net-worth individuals, including estate planning, retirement planning, and asset management.
McDonald has approximately 340 financial advisers and 280 field support staff in its 51 branch offices throughout the Northeast, Midwest, Rocky Mountain, and Northwest states. The firm was founded in 1924.
“This transaction is an excellent fit for UBS,” Marten Hoekstra, head of UBS Wealth Management US, said in a release. “With this acquisition, we associate ourselves with a group of talented and high-productive financial advisers immersed in the same client-centric, holistic wealth management philosophy that is practiced at UBS Wealth Management.”
“This transaction, coupled with the recent acquisition of the private client branch network of Piper Jaffray, further strengthens UBS Wealth Management’s presence in the U.S.,” Hoekstra added.
In the Piper Jaffrey & Co. transaction, which was completed last month for $500 million plus possible additional cash based upon staff retention levels, UBS acquired Piper Jaffray’s 90 wealth management offices serving 190,000 households.
The McDonald transaction, which is expected to close in early 2007, is still subject to regulatory approval.
