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July 28, 2015 at 10:58 AM
UBS (UBS) reported its second-quarter results on Monday, which included the news that its headcount in the Americas is down by 34 and remains under 7,000.
The group has 6,948 advisors as of June 30 vs. 6,982 on March 31 and 7,119 a year ago. The firm says it is pushing out lower-performing reps.
“We are continuing our strategy to be disciplined in our recruiting, selectively hiring advisors in the top two quintiles and help advisors in the lowest two quintiles transition out of the firm,” it said in its quarterly report.
Still, the Swiss-based wirehouse says that the lower-performing reps are not the only ones leaving: “Approximately 60% of our quarter leavers were in the bottom two quintiles,” it explained. That, of course, means some 40% of exiting reps were in the top three quintiles.
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On Tuesday, Bank of America Merrill Lynch (BAC) said it has just recruited ex-UBS rep David Munoz in White Plains, New York. The advisor has about $2 million in yearly fees and commissions.
“Joining Merrill Lynch means working with a firm truly committed to serving clients’ complete financial needs through superior investment and banking capabilities,” said Munoz in a statement.
Davis joined UBS in 2008 from Sanford Bernstein, where he started his career in 1996. He now reports to Matt Grossman, managing director for the Merrill Lynch White Plains-Greenwich Market.
Merrill Lynch’s Private Banking & Investment Group (PBIG) said Monday that Will Leven came on board as a private wealth advisor in Houston. The four-person team he leads manages about $1.3 billion of client assets. (He is the sole financial advisor in the group, with other team members working as analysts and as a client associate.)
“We are pleased to have this experienced team join our PBIG family,” said Regional Managing Director Bob Johnson, in a press release. “Will has clearly demonstrated success in the marketplace based on his personal 23-year track record and his team’s combined 40-plus years of serving high-net-worth families.”
