After losing advisors to rival firms in recent weeks, UBS says it grabbed a team managing $400 million in client assets from Morgan Stanley.
Advisors Frank Coiro, Larry Glickstein and Brian Frey, earned $2.7 million in annual revenues while at Morgan. The trio operates as the Coiro-Glickstein Group. They will join UBSs New York office and report to managing director Mara Glassel.
Both Coiro and Glickstein joined Morgan in 2009 from Citigroup, while Frey came in a year later from Northwestern Mutual Investment, according to their FINRAs BrokerCheck records.
Coiro started his career in 1991 with D.H. Blair, while Glickstein started out three years later with Lehman Brothers. Frey started in 2008 with Northwestern Mutual.
UBS lost more than a dozen advisors overseeing over $3.5 billion in client assets to rival wirehouses in July, according to On Wall Street reporting. The advisor count continued a decline from the quarter that ended on June 30, when the Swiss firms advisor head count dropped to 6,948 from 6,982 for the previous quarter. It was down from 7,119 in the year-ago period, according to UBS.
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