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Recruiting Roundup: UBS, Others Nab More Credit Suisse Reps

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UBS (UBS) continues to attract Credit Suisse advisors, as does Morgan Stanley (MS). Meanwhile, Raymond James (RJF) is recruiting teams from a variety of firms to its multichannel private client operations.

At UBS, two teams affiliated with Credit Suisse and managing a combined asset base of over $2 billion have come on board in California and Massachusetts.

In Century City, California, the team of Eric Miller, Barclay Perry, Stewart Bosley and Jason Holland will be reporting to Erich Frank. Formerly with Credit Suisse, the four advisors join UBS with the following trailing-12-month fees and commissions and recent client-asset levels: Miller, $3.7 million/$746 million; Perry, $528,000/$215 million; Bosley, $3.7 million/$745 million; and Holland, $504,000/$101 million.

In Boston, the team of Jeremy Seidman and Andrea Bevis will also report to Frank. Seidman has managed $212 million and has about $2.1 million in annual production, while Bevis manages $91 million and has yearly production of close to $1 million.

Morgan Stanley also nabbed a former Credit Suisse team, and now advisors Richard Zinman, Anthony Dertouzos and John Moreno are joining the wirehouse in New York, where they will report to Nelson Gaertner, Park Avenue complex manager. They advise clients with more than $5 billion in assets.

“We are pleased to welcome this exceptional team to Morgan Stanley,” said Vince Lumia, head of Morgan Stanley Private Wealth Management, in a statement. “They are well regarded in the industry, provide first class service to their clients, and are a welcomed addition to the firm.”

(Last month, Wells Fargo Advisors won the exclusive right to openly woo some 300 Credit Suisse advisors in the U.S. Over the past few weeks, though, rival firms have been quite successful at recruiting many of them.)

Raymond James’ News

New advisory teams that moved to Raymond James in the past week work in three different states and manage nearly $1 billion in assets. In Beaver, Pennsylvania, the team of Peter Loncar and Brent Stein affiliated with Raymond James’ independent channel as Rivertowne Advisors. The group formerly worked as an employee advisor team at Bank of America Merrill Lynch (BAC), where its advisors managed a combined $300-plus million in assets and had total annual production of nearly $2 million.

In Albany, New York, the team of Sanford Family, Kenneth Leonard and Brian Crowley brought Sanford Family Financial to Raymond James & Associates as an employee office. They join from Wells Fargo Advisors, where they managed $450 million in assets and had production of nearly $3 million.

Also, in Brookfield, Wisconsin, Alan Henry, Steven Jensen and Emily Zimmerman have joined Raymond James & Associates, the firm’s employee broker-dealer, and will operate as the Henry & Jensen Group of Raymond James; Michael Ollman moved to Raymond James as well and will operate as Ollman Wealth Management of Raymond James. This group of advisors also comes from Wells Fargo Advisors, where collectively they managed more than $225 million, with annual production of $1.7 million.

In other news, Dallas-based Retirement Advisors of America has partnered with HBC Investments to recapitalize the company. Asset Management Finance, a subsidiary of Credit Suisse, agreed to sell its interest in RAA, and HBC’s investment facilitated the repurchase.

HBC purchased equity from existing RAA partners and provided growth capital to the firm. The current RAA leadership team and relationship managers will continue in to be in charge of its daily business operations.

— Check out the Nov. 18 Recruiting Roundup on ThinkAdvisor.


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