UBS, the Swiss banking group, has bought the private client network of Minneapolis-based Piper Jaffray for up to $875m (€720m). It is the bank's ninth acquisition in the sector in three years and takes the total amount of wealth management assets to Sfr1.8 trillion (€1.1 trillion).

UBS will pay $500m in cash and an extra $75m depending on business performance. It will also take on $300m in client loans.