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Merrill duo with $440M jumps to UBS

UBS hired a pair of Merrill Lynch advisors who oversaw $440 million at their old firm.

The license obtained by UBS allows the firm to manage assets for institutional and high-net-worth investors in the world’s second-largest economy for the first time.

The announcement by UBS iss another sign that the 6,700-advisor firm is sticking to its selective hiring practices, having dramatically cut back on its recruiting in 2016. It also comes a week after UBS said it hired another former Merrill Lynch advisor one who oversaw $391 million in client assets.

James Patrick and John D'Amico joined UBS in Mill Valley, California in 2000, according to FINRA BrokerCheck records, and subsequently generated more than $2.7 million in annual revenue, according to their new employer. The duo serves high-net-worth families and individuals, UBS said.

Prior to joining Merrill Lynch, Patrick and D’Amico worked at Mercer Global Securities.

A Merrill Lynch spokeswoman was unavailable for immediate comment.

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