UBS is acquiring the Private Client Branch Network of Minneapolis-based Piper Jaffray Companies, in a $500 million cash transaction that is expected to close at the beginning of the third quarter, pending regulatory approval.

Piper Jaffray, with 190,000 household relationships and client assets of $52 billion, has more than 800 financial advisors spread out in 90 offices in 17 states. The advisors will be integrated into the UBS Wealth Management US, said Marten Hoekstra, the head of that UBS division; that will give UBS greater visibility, especially in the Midwest and in Western states.

"This transaction is a natural fit with our current wealth management offering in the U.S.," Hoekstra said. "This network of talented individuals will allow UBS to serve a broader base of clients."