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UBS recruits advisors with over $800M in AUM

A recent recruiting sweep netted UBS a slew of new advisors managing more than $800 million in combined client assets, according to an internal company memo obtained by On Wall Street.

The firm reduced its recruiting efforts in 2016 in a bid to refocus energy and resources on advisors already at the company. Merrill Lynch and Morgan Stanley made similar moves. But all three companies continue to selectively hire. That's also a point a UBS executive underlines in the company memo.

“As we selectively recruit only the best advisors in the industry it is gratifying to see that these new teams share our view of UBS as the best firm to join, grow and retire from,” Michael McVicker, head of business and change management, wrote in the memo to other managers.

UBS NYC Headquarters Bloomberg News photo
A woman exits the UBS building in New York on June 9, 2003. UBS AG, Europe's largest bank by assets, is dropping the PaineWebber and Warburg brands from its brokerage and investment bank today, scrapping two of the best-known names on Wall Street and in the City of London. Photographer: Daniel Acker/Bloomberg News.

The new hires joined the firm in three locations. In Boston, UBS picked up Craig Lewis and Bob Ryan. They were previously affiliated with Morgan Stanley and have 26 and 27 years of industry experience, respectively, according to FINRA BrokerCheck records.

UBS’ Boston hires managed $530 million and generated $3.5 million in annual revenue, according to the company memo.

In Norfolk, Virginia, UBS hired John Searing and Tom Dickson. The duo had previously worked at Merrill Lynch, according to BrokerCheck. Searing has 21 years of industry experience while Dickson has 12.

The firm’s Norfolk recruits oversaw $200 million and generated $1.3 million in annual revenue, per the company memo.

The following 17 teams oversaw about $75 billion in assets. The firms ending the year with prize recruits include a diverse cast: regional BDs, wirehouses, boutiques and RIAs.
December 14

And in Hawaii, UBS picked up Todd Iacovelli. Prior to making the move, he was registered with Morgan Stanley and has been an advisor for six years in Honolulu, according to BrokerCheck.

The UBS memo says its Honolulu hire oversaw $84 million in assets and generated $341,000 in annual revenue.

The Swiss firm currently fields about 6,850 advisors in its Americas business unit, according to its fourth quarter earnings report. That figure includes a small number of brokers in Latin America.

Spokeswomen for Morgan Stanley and Merrill Lynch declined to comment on the departures.

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