UBS buys Piper Jaffray's private client business
US investment bank Piper Jaffray has agreed to sell its Private Client Services branch network to UBS. The sale will include the whole of the network, which consists of more than 800 financial advisers and 550 branch support staff in approximately 90 retail offices.
Piper Jaffray says the transaction will enable the bank to focus on the middle-market. In particular, the bank will start to develop more structured products for corporate clients.
Piper Jaffray is currently expanding its high yield
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