UBS buying Piper's private client arm

In another sign of consolidation in the brokerage space, UBS is expected to announce that it will acquire Piper Jaffray's private client arm for approximately $500 million. Piper's Private Client arm includes "more than 800 financial advisors and 550 branch support personnel in approximately 90 retail offices in 17 Midwest, Mountain and Western states."

"The consideration includes $500 million in cash for the branch network plus the potential for additional cash consideration of up to $75 million after the sale closes, dependent on business performance. In addition, Piper Jaffray will be paid for the net assets of its branch network at the time of the close, which are expected to be valued at approximately $300 million."