On Tuesday, Zurich-based banking giant UBS AG announced it has paid $500 million for the private client services of Minneapolis-based U.S. Bancorp spinoff Piper Jaffray. The move significantly expands the wealth management business of UBS through the Midwest and western United States.

The Wall Street Journal suggests that something of a broker numbers game is being played here. With the addition of 842 Piper brokers, UBS would boast a global brokerage force of 12,516. It has gained ground, another words, on Merrill Lynch -- which has 15,160 brokers following a $400 million purchase of over 500 Advest Group brokers last year -- and on Citigroup's Smith Barney unit, which gained 1,354 brokers in the Legg Mason deal, and now has a total of 13,414.  

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