UBS (UBS) said Tuesday it recruited a team with $1.7 billion in assets and $8.3 million in yearly fees and commissions from Morgan Stanley (MS) in Chicago, one day after Merrill Lynch (BAC) said it attracted a Morgan Stanley group in Kentucky with $1.6 million in yearly sales and $167 million in assets. On Wednesday, Raymond James’ independent channel (RJF) said it tapped a Morgan Stanley team in Pennsylvania with annual production of roughly $1.15 million and $155 million in client assets.
According to UBS, the Desai Group joined the firm’s private wealth-management operations in Chicago. The team is led by Ajay Desai and includes John Staab and Frank Pellicori. The group focuses on delivering wealth-management strategies to family offices and ultra-high-net-worth clients.
It also advises and provides access to capital markets for institutional entities, such as family offices, hedge funds and private-equity firms, and specializes in private equity, equity capital markets and market sensitive transactions.
“We are pleased to have Ajay and his team join us,” said Dennis Drescher, managing director and head of UBS’ private-wealth management office in Chicago, in a press release. “Their extensive experience and proven success in addressing the unique issues facing ultra-high-net-worth families and individuals underscore the firm’s commitment to focusing on what matters most to our clients.”
Prior to his work for Morgan Stanley, Desai worked for Merrill Lynch, as well as for Anderson Consulting.
Merrill Lynch said Monday that the team of Raymond Stacy and Christopher Pieper joined the firm from Morgan Stanley in Ft. Mitchell, Ky. The team has had yearly fees and commissions of $1.6 million and assets of close to $167 million.