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September 23, 2015 at 06:47 PM
Broker-dealers have been busy keeping up with the Federal Reserve and with their recruiting drives over the past week.
Early Wednesday, UBS Private Wealth Management says a team joined it from Merrill Lynch with over $1.3 billion in assets under management and $7.8 million in yearly fees & commissions.
Wells Fargo recruited two advisor teams who manage $1 billion in combined assets; Raymond James says it has added teams – including one from UBS – to its employee channel in Massachusetts, Virginia and Texas with previous AUM totaling more than $800 million; and Morgan Stanley added two advisors with prior yearly production of $3 million and assets of nearly $225 million (on a combined basis).
In addition, Bank of America Merrill Lynch brought in David Sterling from Credit Suisse. Also, Greater Midwest Financial Group joined NFP Advisor Services; and FFO completed two mergers.
UBS News
Melissa Corrado-Harrison, Greg Richardson and Ronald Kemp moved to UBS from Merrill Lynch Private Bank & Investment Group. According to UBS, they will be based in a Denver location but work with the company’s Southern California operations.
Corrado-Harrison and Richardson have been in the business since 1992, while Kemp began his career in the field in 1986.
UBS also says it hired ex-Barclays regional manager John Houlihan to run its Long Island complex in Jericho, New York. He will report to Todd Locicero, regional director-metro region.
With 20 years of industry experience, Houlihan had been the regional manager for Barclays’ wealth and investment management division in Atlanta, where he oversaw more than 125 advisors with a total of about $15 billion in assets. Prior to Barclays, he was with Morgan Stanley.
Wells Fargo’s New Teams
The Perry Group, which includes Ronald Perry, John Perry and Robin Johnson, has joined Wells Fargo Advisors from Morgan Stanley, where it managed more than $300 million in client assets.
The Perrys will work out of the branch office in Boca Raton, Florida, reporting to Mike Origlia, senior vice president, branch manager. Robin Johnson will work out of the Short Hills, New Jersey branch office, reporting to Mark Klein, senior vice president and branch manager.
Financial advisor Patrick Durham also left Morgan Stanley to move to the Boca Raton branch. He most recently managed $25 million in client assets.
Also departing Morgan Stanley for Wells Fargo were Jonathan Schlackman, Alan Weintraub and Joshua Zamat.
Schlackman will work out of the firm’s New Orleans branch, reporting to Billy Blakeman, manager of the southern Louisiana complex; Weintraub joins the Birmingham branch, reporting to Steve Meadows, market manager, and Zamat is now with the Boca Raton branch and reports to Origlia. The team managed about $700 million in combined client assets at Morgan Stanley.
