A UBS team managing $500 million in client assets and generating $3.1 million in annual revenue left the wirehouse to join Merrill Lynch, a spokeswoman said.
The team joined Merrill's office in Palm Beach, Fla., and reports to James Chahine, complex director.
On the team are advisors Robert Debbs, who heads the group, Frederick J. Shapiro, Steven F. Colamarino, and Albert David Hutzler III. In a statement, Debbs said his team made the move in order to offer his clients a more diversified set of products and services.
"After meeting with several firms and conducting months of due diligence, we chose the combination of Bank of America and Merrill Lynch because we believe that their lending capabilities and goals-based wealth management process distinguishes them from other firms," he said.
Debbs had been with UBS since 2005, according to FINRA records.
Shapiro started his advisory career in 1998 at Dean Witter. He moved to UBS in 2000. Hutzler has more than three decades of industry experience, starting with Alex Brown & Sons in 1977. He later worked for Prudential and Wachovia before moving to UBS in 2007.
Junior team member Colamarino joined the industry when he went to work for Credit Suisse in 2007, one year before moving to UBS.
Merrill recently announced several other new recruits. The wirehouse began the year by hiring advisor Bruce Munster, No. 7 on the list of On Wall Street's Top 40 Under 40. Munster and his nine-person team managed $1.2 billion at Morgan Stanley before moving to Merrill, according to the firm. They are based in Century City, Calif.
Last week, Merrill recruited another UBS team in Lakeway, Texas. Advisors Michael Calvin and Guy Clayton managed $175 million in assets while at UBS, according to a Merrill spokeswoman.
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