Merrill Lynch hired away three advisors from UBS, collectively managing $500M in assets.
Rajeev Rathi, Kanwar Singh and Steve Coleman joined Merrill Lynchs Chicago offices last week. The three had production of close to $5 million, according to Merrill Lynch.
Rathi is an advisor with a 19-year career, according to FINRA broker records. He had been with UBS since 2005, and prior to that worked at Lehman Brothers and J.P. Morgan.
Singh joined UBS the same year and has logged in 10 years as an advisor. Before UBS, Singh was partner at international law firm Baker & McKenzie. Coleman had been with UBS since 2003.
Merrill last added an advisor to its Chicago offices in the summer. Suzanne Austin, who managed $150 million, joined Merrill's Chicago on July 9. She had come from J.P. Morgan, where she had worked from 2006 to 2012, according to FINRA records.
This is the second time in recent months that Merrill has recruited a UBS advisor. Robert Bennett joined Merrill's Palm Beach, Fla., office on Sept. 23. Bennett managed about $108 million in client assets while at UBS where he had worked since 2005, according to FINRA records.