(Photo: Bloomberg)

UBS Private Wealth Management has added a 17-member team with $10.8 billion in assets under management from Merrill Lynch, where it produced about $16.7 million in yearly fees and commissions.

The group, which does business as Wickham Cash Partners, joined UBS in Charlotte, North Carolina. The team will report to Julie Fox, market head of Northeast Private Wealth Management, and Brendan Graham, a branch manager for the division.

Merrill Lynch declined to comment on the loss of the 17-member team. But a source close to the firm told ThinkAdvisor: “Supporting RIAs is not a part of Merrill’s strategy, and money manager services was not a part of the firm’s core wealth management offering.”

These services entail custody and clearing for the retail clients of family offices and money management firms, which Wickham Cash’s operations appear to involve and that Merrill is reportedly phasing out. UBS declined to comment on the matter.

The Wickham Cash Partners team joining UBS includes R. Mitchell Wickham and Gregory M. Cash, managing directors and co-founders of Wickham Cash Partners, each of whom have spent more than two decades at Merrill, according to FINRA BrokerCheck records.

However, Charles L. Wickham Jr., a third managing director and founding partner of Wickham Cash Partners, is not moving to UBS with the team. (Neither of the three responded to requests for comment late Friday).

The Wickham Cash group “brings an array of expertise across the wealth management industry and 225 years of collective experience to the firm,” according to UBS.

“As one of Charlotte’s leading private wealth teams, Wickham Cash Partners will be a strong addition to our private wealth management business, as we continue to expand our local presence in Charlotte and the Carolinas,” John Mathews, head of UHNW Americas and Private Wealth Management at UBS, said in a statement.

The other 15 members of the Wickham Cash team moving to UBS are: Ronald E. Bryson, Ray M. Evans III, John North Moore, Trevor B. Hoke, Cameron M. Elliott, Emily M. Dannenhoffer, Matthew G. Mclaughlin, Holly M. Giacobone, Jessica I. Schumacher, Laura W. Killette, Erin J. Benedetto, Lincoln T. Steelman, Brianna Stanley, Shareese Weldon and Jonathan Brick.