UBS lured away an advisor generating $3 million in annual revenue from Barclays, according to a spokesman for the firm.

Advisor William "Monty" Cerf managed approximately $490 million in assets while at Barclays, the spokesman said.

Last week, Cerf and members of his team, Miriamne DeMarrais, Jordan Baron, and Ross Mellor, joined UBS' private wealth management office in New York where they report to Christopher Amo, complex director.

The team focuses on serving ultrahigh-net-worth and high-net-worth clients as well as family offices and foundations.

Cerf has worked in the financial services industry for 30 years, according to a UBS spokesman. He spent roughly the first 20 years of his career on the investment banking side before transitioning to wealth management.

All four team members had been with Lehman Brothers when Barclays acquired the unit in 2008.

A spokesman said that Cerf's focus on UHNW clients fits with the firm's goals. "We are excited to have him on board," the spokesman said.

UBS is the latest wirehouse to benefit from defections from Barclays, which recently announced a deal to sell its U.S. wealth management operations to St. Louis-based Stifel Financial.

Stifel has offered advisors a retention package to stay with the firm after the deal closes this fall. However, some advisors have been lured away by offers from other firms such as J.P. Morgan Securities, Morgan Stanley and Merrill Lynch.

Merrill, for example, picked up a Barclays team that managed $750 million. Advisors Barry Schneider, Cris Bera, and Chris Dewhurst joined the wirehouse in Houston.

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