UBS Wealth Management Americas announced Tuesday that it has recently recruited two, million-dollar advisor teams from rivals Morgan Stanley Smith Barney and Merrill Lynch.
A UBS spokesperson confirmed that together the advisors oversaw $395 million in client assets.
Raymond Schmidtke joined UBS’s Seattle operation from Morgan Stanley Smith Barney where he spent 27 years, according to filings from FINRA. At MSSB, the veteran advisor managed up to $95 million in assets and had production of $1 million.
Nina Hakim was recruited to the Westfield, NJ operation from Bank of America Merrill Lynch. She was hired by John Geoghan, complex director for Red Bank, NJ. At Merrill, Hakim oversaw $300 million in client assets and generated $1.5 million in annual fees and commission.
Last month, UBS snatched up two other advisors from MSSB. Paul Gilman and Marshall Hagen joined the firm’s Wealth Management Americas office in New York City. Together, the pair previously oversaw $296 million in client assets and generated up to $2.6 million in annual fees and commissions.
These hires, along with a handful of others recently, go against the longer trend somewhat as UBS has been under pressure in the face of massive defections in recent months. It has said that it will focus on key areas in the major markets instead of blanketing the country with a massive advisor force.