UBS lands $1.3B advisors after naming new wealth management co-head
Following a leadership shuffle within its wealth management division, UBS has notched new advisors collectively managing nearly $1.3 billion from competitors, according to an internal memo sent to market heads earlier this month.
“Our recruiting pipeline continues to trend up and we are in discussions with franchise teams across the country,” Michael McVicker, Head of Business & Change Management at the wirehouse, wrote in the memo obtained by On Wall Street.
The hiring announcement comes soon after the firm said it was replacing its wealth management division co-head Martin Blessing with Iqbal Khan, a former Credit Suisse Group AG banker.
The new advisors have joined the firm from rivals including Wells Fargo and Morgan Stanley, according to the memo.
Joseph Brienza, an advisor who managed $500 million in client assets at Bernstein Private Wealth Management, joined UBS in Denver. Brienza produced $4.7 million in annual revenue at his former firm, according to the memo.
In California, UBS recruited two advisors. Advisor Eavenson Horter is joining UBS in San Francisco. He left J.P. Morgan Private Bank, where he managed $175 million in client assets and generated $1 million in revenue for the firm. In Los Angeles, Robert Meeks joined the firm from Wells Fargo Private Bank, where he managed $267 million in assets and produced $2.7 million in annual revenue, according to his new employer.
Signing on in New York City is Matthew Santini, who moved from Lenox Advisors with $140 million in client assets and $1.1 million in annual revenue, according to the memo.
Thomas Young, an advisor who managed $90 million in assets from Morgan Stanley, joined the wirehouse in Ohio at the Austin Landing Branch. He produced $900,000 in annual revenue.
Neil Conway is joining at the Brookfield Branch in Chicago from BMO Harris, where he produced $800,000 in annual revenue and managed $88 million in assets.
In South Florida, Pedro Lopez joined the firm from JP Morgan Chase Private Client, where he managed $80 million in client assets and generated $600,000 in annual revenue.
Spokeswomen at J.P. Morgan, Morgan Stanley and Wells Fargo declined to comment on departures from their firms. All other firm spokespersons were not immediately available.