UBS went big in the Lone Star State.
In a recruiting sweep, the wirehouse hired four Credit Suisse teams managing more than $3.5 billion in client assets, UBS said.
The departures, taking place in Dallas and Houston, come after Credit Suisse inked a deal with Wells Fargo for its advisors to transition to the wirehouse by early 2016. The agreement was reached in October and terms were not disclosed.
Wells Fargo reportedly offered Credit Suisse advisors up to 300% of their production, according to people familiar with the matter.
Despite the offer some Credit Suisse advisors are opting to move to other firms, such as Merrill Lynch and J.P. Morgan Securities.
Among UBS' recent hires is a two-member team that generated $4.6 million in revenue and oversaw $462 million in client assets. Advisors David Smith and Patrick Moore joined UBS' office in Dallas where they report to Director Tommy Stacy.
Smith and Moore had been at Credit Suisse since 2008, according to FINRA BrokerCheck records. Prior to that, they worked at Lehman Brothers.
In Houston, UBS' Private Wealth Management unit picked up a three-advisor teams that generated nearly $10 million in annual revenue and oversaw more than $1.3 billion in client assets.
Advisors Langston Turner, Frank Hogan and Daryl Allen report to Managing Director Raymond DiNunzio. Turner and Hogan had been with Credit Suisse since 2010 while Allen joined the firm in 2012, according to BrokerCheck records.
Also joining the Houston office are advisors Mike Hood and Mike Green. The duo generated more than $3 million in annual revenue and oversaw more than $850 million in client assets.
Hood is a veteran of the financial services industry, having started his career at Goldman Sachs in 1977, according to BrokerCheck records. Both Hood and Green worked at Donaldson, Lufkin & Jenrette and stayed through its acquisition by Credit Suisse.
UBS also hired Credit Suisse advisors Will Huthnance and Christopher Black. They generated more than $11 million in annual revenue and oversaw nearly $900 million in client assets, according to UBS.
Huthnance and Black had been with Credit Suisse since 2009. Previously, they worked at Morgan Stanley.
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