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3 teams, $1.3B AUM: UBS’ latest wirehouse sweep

A new hiring round at UBS reeled in three new teams managing $1.3 billion in assets, according to an internal memo sent to the wirehouse’s market heads and obtained by On Wall Street.

The wirehouse has experienced structural changes recently, including adjusted management ranks in three divisions and the merger of its capital markets teams in wealth management and investment banking in the U.S.

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.
A visitor enters the UBS Group AG's headquarters in Zurich, Switzerland, on Thursday, July 23, 2015. UBS Group AG and Morgan Stanley increased the assets they manage for the world's wealthiest people to more than $2 trillion for the first time, according to a study. Photographer: Chris Ratcliffe/Bloomberg

Despite having cut recruiting efforts by 40% in 2016, the wirehouse hasn’t stopped hiring altogether. UBS recently recruited five advisors managing $1.3 billion in assets. In February, it took on three teams managing $800 million.

“Our recruiting pipeline is robust and many of you are engaged in conversation with industry-leading advisors in your markets,” Michael McVicker, head of business and change management at the firm, wrote to the UBS market heads in the memo.

McVicker then announced that the wirehouse had brought on four new advisors from competitors across its branches.

In San Jose, California, UBS snatched a Wells Fargo advisor who managed $212 million in AUM and generates $2.4 million in annual revenue. The broker, Ron Lohbeck, joined UBS in early April, according to FINRA BrokerCheck.

A duo managing $962 million in assets joined UBS in Red Bank, New Jersey, according to the memo.

The pair, Joseph Berkery and Eric Tomsky, are $3.2 million producers, according to the memo, and they spent long careers at Merrill Lynch before making the move. Berkery was at Merrill for 32 years, while Tomsky has made his first career move after 20 years at the firm, according to FINRA BrokerCheck. Both advisors moved over at the end of April.

In St. Petersburg, Florida, UBS recruited advisor Joseph Restaino, who moved from Merrill Lynch in mid-April, according to FINRA BrokerCheck. Restaino has been in the industry for 17 years.

The broker manages $93 million in assets and generates $900,000 in annual revenue, according to the memo.

Spokespeople at Merrill Lynch and Wells Fargo declined to comment on the departures.

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