Two teams that managed a combined $4.5 billion at Credit Suisse left the Swiss-owned firm to join UBS and Merrill Lynch.
The departures from Credit Suisse come following reports that the Swiss company is considering selling its U.S. private bank.
In the larger of the two moves, Merrill recruited three advisors who managed $3.5 billion in client assets while at Credit Suisse, a spokeswoman said.
Advisors Christopher Baldwin, Thomas Tyndorf and Andrew Skoglund joined Merrill's elite Private Banking & Investment Group in Chicago.
Among Merrill's newest recruits, two have made Barron's lists for top 100 advisors and top advisors in Illinois.
Baldwin, 57, has more than 30 years of experience, having started his career at Thomson McKinnon Securities. Baldwin later joined Donaldson, Lufkin & Jenrette, and was a founding member of that firm's private client services office in Chicago, according to Merrill. The firm was later acquired by Credit Suisse.
Tyndorf, 48, has nearly 25 years of industry experience, and also worked at Donaldson, Lufkin & Jenrette with Baldwin.
Skoglund, 39, joined Credit Suisse from J.P. Morgan Securities five years ago, according to FINRA BrokerCheck records. He had prior experience at Bear Stearns.
Also moving with the team are financial analysts Daniel Aliaga and Amber O’Malley as well as client associates Sylvia Weitzman, Laura Bienz and Leslie Cannon.
UBS picked up a team that managed $1 billion while at Credit Suisse, a spokesman said. The team, composed of Ross Kennedy, Richard Cantwell and Stephen Michael, generated $7.2 million in annual revenue.
They will be based at the firm's Boston office. The team has a focus on ultrawealthy clients as well as a private equity services business.
Kennedy has three decades of industry experience, according to FINRA BrokerCheck records. In 1992, he joined Donaldson, Lufkin & Jenrette, which was later acquired by Credit Suisse.
Cantwell joined Donaldson, Lufkin & Jenrette in 1999. Michael joined Credit Suisse in 1993. He also has previous experience at PaineWebber, which was acquired by UBS.
In recent weeks, UBS has announced several large hires from rival firms. The Swiss-owned wirehouse pulled over a team that managed $1.3 billion from Merrill Lynch's elite Private Banking & Investment Group. That team, which joined UBS in Denver, generated $7.8 million in annual revenue while at Merrill.
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