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UBS recruits advisors with $450M

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Advisors managing more than $450 million in combined client assets have joined UBS, a spokeswoman said.

The firm's hires come at a time of reduced wirehouse recruiting but surging activity at smaller regional brokerage firms.

Last year, UBS said it would cut recruiting efforts in order to shift resources back to its existing advisor base. Merrill Lynch and Morgan Stanley made similar announcements this year.

Yet, while UBS has reduced hiring, the firm has not completely frozen all activity. The company has selectively picked up new talent, particularly advisors focused on serving high-net-worth and ultrahigh-net-worth clients.

UBS's newest recruits joined UBS in Walnut Creek, California, where they report to Erin Borger, market head for the Northern California market. Since taking the helm at that location, Borger has hired advisors generating more than $11 million in annual revenue.

Former Morgan Stanley advisor Thomas Melohn previously generated $1.5 million in annual revenue and managed $200 million in client assets, according to UBS. Also moving with him are Lauren Ma, junior partner, and Lisa Frisch, client service associate.

For Melohn, this was his first move. He had been with Morgan Stanley for his entire 25 year career, according to FINRA BrokerCheck records.

Joseph Caselle, previously with Merrill Lynch, generated about $1 million in annual revenue and oversaw $250 million in client assets, according to UBS. Also moving with him is partner Ryan Baker.

A 24-year industry veteran, Caselle had been with Merrill Lynch and Bank of America since 2001, per BrokerCheck.

A spokesperson for Merrill Lynch could not be reached for immediate comment. A Morgan Stanley spokeswoman confirmed Melohn's departure.

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