UBS said it recruited two teams from Credit Suisse, one of which managed approximately $1.8 billion in client assets.
Advisors Eric Miller, Barclay Perry, Stewart Bosley and Jason Holland joined UBS Private Wealth Management at its office in Century City, Calif., a suburb of Los Angeles. They report to Erich Frank, complex director.
The team generated $8.4 million in annual production while at Credit Suisse, according to UBS.
Miller and Bosley joined Credit Suisse from Lehman Brothers in 2008, according to FINRA BrokerCheck records. Holland began working at the firm in 2011.
Perry is a longtime industry veteran, having started his financial services career in 1967 with White, Weld & Co., according to BrokerCheck records. He has additional work experience at Lehman Brothers and PaineWebber. Perry joined Credit Suisse in 2010 from UBS, where he had worked for two years.
UBS also recruited a second Credit Suisse team in Boston. Advisors Jeremy Seidman and Andrea Bevis managed more than $300 million in client assets and generated more than $3 million in annual revenue, according to UBS.
Seidman joined Credit Suisse in 2005, according to BrokerCheck records. He previously worked at Lehman Brothers. Bevis started her career at Credit Suisse in 2010.
The latest advisors moves from Credit Suisse come as the Swiss firm is exiting the U.S. wealth management market. Recently, Credit Suisse entered into an agreement with Wells Fargo, permitting its advisors to transition to the wirehouse by early 2016. Terms of the deal were not disclosed.
According to people familiar with the matter, Wells Fargo offered Credit Suisse advisors a recruiting bonus of up to 300% of their annual production.
UBS has been landing several notable recruits. Earlier this week, the firm announced that it had pulled in advisors managing more than $3.5 billion in client assets.