UBS recruited a Merrill Lynch team that oversaw $200 million in client assets, according to a person familiar with the matter.

The group generated over $2 million in annual revenue, the person said.

Since June 2016, UBS has cut back on its recruiting efforts, focusing on retention of its existing brokerage force and fostering a different corporate culture. However, the firm continues to hire selectively, and is focused on advisers who serve wealthy and ultrawealthy clients.

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.
Bloomberg News

The Swiss firm's newest hires include Michael Miremadi, Christopher Heintz and Teresa Uzeta. The team joined UBS last week in Seal Beach, California.

Miremadi was a Merrill Lynch veteran, having worked at the firm since 1993, according to FINRA BrokerCheck records. Heintz and Uzeta joined the wirehouse in 2012 and 2014, respectively.

A Merrill Lynch spokeswoman could not be reached for immediate comment.

UBS's headcount has ticked down recently. For the first quarter, the firm reported having 6,969 advisers, down 176 from the year-ago period. However, profits for UBS's wealth management unit rose 42% year-over-year. The firm also posted record revenue per adviser of $1.17 million.

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