Merrill recruits $4.5M team from UBS
Merrill Lynch picked up a UBS team that generated more than $4.5 million in annual revenue, according to the wirehouse.
They are the latest group to join Merrill's Private Banking & Investment Group, which serves ultrawealthy clients.
The team is based at the firm's office in Austin, Texas. Over the last three and a half years, PBIG has almost doubled the number of elite advisers operating in the state to 55, according to Merrill.
The newest hires include advisers Roger Berry, Felix Erbring and Ted Gray, who joined the wirehouse on Jan. 6. The trio oversaw $466 million in client assets while working at UBS, according to Merrill.
The team is comprised of industry veterans: Berry has 26 years of experience, Erbring has 18 years and Gray has 28 years. They had been with UBS since 2008, according to FINRA BrokerCheck records. Berry and Ted Gray have previous work experience at A.G. Edwards and Morgan Stanley. Erbring had previously only worked for Morgan.
A UBS spokeswoman declined to comment.
Merrill last announced new hires in December, when the wirehouse said two advisers had joined an existing team at the firm's Private Banking & Investment Group. Chip Erwin and Molly Ransom joined the Locniskar Group in Troy, Michigan. The group oversees $1.7 billion in client assets.