A UBS team that managed $178 million in client assets left the wirehouse to open a new office for Baird, the regional firm said.

Jeffrey Tolbert and his eponymously named team made the move last week, according to FINRA BrokerCheck records.

Tolbert generated $1.4 million in annual production while at UBS, according to Baird. He is an industry veteran, having started his career at Prudential Securities in 1983, according to FINRA BrokerCheck. Tolbert transitioned to UBS in 1994.

Also moving with him are senior client specialist Susan Bronzell and client specialists Matthew Tolbert and Anthony Capitani.

Slideshow
Advisers on the move: Merrill Lynch brokers with over $1.8B jump ship
Raymond James, RBC and Ameriprise were among the industry players to lure away talent from Merrill Lynch.

The group opened a new office for Baird in Oak Brook, Illinois. The affluent Chicago suburb is also home to McDonald's headquarters.

Tolbert will act as resident manager for Baird's new office. The Milwaukee-based firm has about 880 financial advisors operating at 88 locations in 29 states, according to Baird. The firm has $117 billion in client assets.

A UBS spokeswoman could not be reached for immediate comment.

The wirehouse's adviser headcount has ticked down in recent quarters, falling by 176 year-over-year to 6,969. But that's still within its target range of 6,500 to 7,000 advisers.

UBS has not entirely cut back on recruiting. The wirehouse recently hired a Merrill Lynch team that oversaw $200 million in client assets.

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