UBS has announced that it will acquire the branch network of McDonald Investments, a unit of KeyCorp, for up to $280 million. The transactio...

UBS has announced that it will acquire the branch network of McDonald Investments, a unit of KeyCorp, for up to $280 million. The transaction is expected to close in the first quarter of 2007, subject to regulatory approval. Founded in 1924 and based in Cleveland, Ohio, McDonald Investments has approximately 340 financial advisors and 280 field support staff, 165,000 accounts and total client assets of approximately $30 billion. It provides comprehensive wealth management services to affluent and high net worth individuals, including estate planning, retirement planning and asset management solutions.