UBS (UBS) said Thursday that it had hired four teams from Morgan Stanley and Merrill Lynch, as well as one advisor from Alliance Bernstein, with a total of more than $1.6 billion in assets under management and $9.2 million in yearly fees and commissions.
Over the past few months, recruiters have attributed UBS’ aggressive recruiting drive to its robust signing bonuses. For its part, UBS Wealth Management Americas—which is led by the former Merrill executive Bob McCann (left)—says that its branch managers are highly skilled at knowing how and whom to target.
“William [Goldberg] as well as the Wright Ramage, Ellentuck, Pierce/Kyle and Palumbo, Short, D’Amato & Dixon Groups represent the caliber of advisors that we are selectively seeking to add to our exceptional team of FAs at UBS,” said Jason R. Chandler, head of UBS WMA’s wealth-management advisor group, in a statement. “Their decision to join UBS WMA is indicative of our ability to help them further develop their business in a way that makes sense for them and their clients.”
The Palumbo, Short, D’Amato & Dixon Group joined UBS in Florham Park, N.J., from Bank of America-Merrill Lynch (BAC). The group will report to UBS complex director Michael Price and is expected to bring some $4 million in production and assets under management of roughly $675 million.
The group includes Richard Palumbo, Robert Short, Robert D’Amato and James Dixon.
Another team, the Ellentuck Wealth Management Group, is also coming on board in Florham Park. The former Morgan Stanley (MS) team, led by Todd Ellentuck, should bring with it close to $3.4 million in production and $340 million in assets. It will also report to Price.
The Pierce/Kyle Group, led by Wallace Kyle and Frederick Pierce, also joins WMA’s Florham Park office from Morgan Stanley. The team, which will report to Price, plans to move production of more than $1.8 million and assets under management of approximately $236 million.
The Wright Ramage Wealth Management Group joins UBS in Albany, N.Y., also from Morgan Stanley Smith Barney. The team is led by Robert B. Wright and Barry Ramage. Recently, it has managed more than $380 million in assets. It expects to report to branch manager Robert Lane.
Finally, William J. Goldberg joins WMA’s Houston private-wealth management office as a senior vice president of investments. He moves to UBS from Alliance Bernstein and will report to Raymond Dinunzio, a UBS managing director.