UBS Wealth Management USA has successfully recruited a group of teams managing around $2.4 billion in combined assets at rival wirehouses. The teams were brought on right before the end of UBS's internal October 1st deadline for incentivized recruiting packages.
The most significant move includes two Merrill Lynch teams managing a combined $1.3 billion in client assets in New York City and New Jersey. The two teams will merge into one UBS practice, according to AdvisorHub.
UBS also has ushered in ten other Merrill advisors who altogether managed around $2.85 billion in client assets. According to recruiters, UBS has been stepping up its hiring efforts in the third quarter with an enhanced offer for some brokers who commit by October 1st, according to recruiters. The improved offer looks to boost new net asset flows and can add as much as 25 percentage points of trailing-12 revenue for top teams.
Separately, UBS has hired a Morgan Stanley team with almost $1 billion in assets from Pennsylvania. UBS has also added a solo practitioner from Morgan Stanley with $139 million in assets.
On the flip side, Morgan Stanley has extended high-end bonuses over the last couple of years and added a UBS team with $650 million in assets in Louisiana last week.
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