UBS Recruits 3 Advisor Teams With $2.6 Billion From Merrill and Morgan Stanley
Updated
Updated · Wealth Management · Sep 4
UBS Recruits 3 Advisor Teams With $2.6 Billion From Merrill and Morgan Stanley
3 articles · Updated · Wealth Management · Sep 4
Summary
$2.6 billion in client assets moved with three advisor teams UBS said it hired Friday from Merrill Lynch and Morgan Stanley, extending its North America wealth push.
The hires span Bellevue, Washington; Pueblo, Colorado; and Bethesda, Maryland, including a $500 million Merrill practice, a $1.4 billion Morgan Stanley team, and a $750 million Morgan Stanley group.
UBS is using the wins to show recruiting momentum after attrition tied partly to compensation changes; Wolfe Research data showed a net loss of 196 UBS advisors through Aug. 13.
The recruiting drive comes as UBS's Americas wealth business posted $1 billion of second-quarter net inflows despite $10 billion in U.S. tax-season outflows, and as the bank seeks a larger U.S. footprint.