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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Barclays Plc | LSE:BARC | London | Ordinary Share | GB0031348658 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.10 | -0.57% | 191.14 | 190.66 | 190.74 | 193.44 | 190.24 | 192.56 | 159,914,116 | 16:35:13 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Commercial Banks, Nec | 25.38B | 5.26B | 0.3470 | 5.50 | 28.9B |
By Michael Wursthorn
UBS AG's U.S. wealth-management unit has hired a three-person financial-adviser team from Morgan Stanley that had managed about $400 million in client assets.
Advisers Frank Coiro, Larry Glickstein and Brian Frey joined one of UBS's New York offices on Thursday, a UBS spokesman said. The three advisers generated $2.7 million in annual production.
Mr. Coiro, the team's leader and a former Smith Barney broker since 2003 who moved to Morgan Stanley when it acquired the firm from Citigroup Inc. in 2009, has a client roster consisting of high- and ultra-high-net-worth investors, as well as institutional clients, the spokesman said, adding that the adviser's practice is almost entirely fee-based.
Separately, Merrill Lynch said on Wednesday that it hired more advisers from Barclays PLC's U.S. wealth-management unit. Advisers Jason Hutton and Steven Gottlieb joined one of Merrill's New York branches last week. At Barclays, they had managed roughly $520 million in client assets and generated more than $4 million in fees and commissions.
Merrill has siphoned off 21 advisers from Barclays so far as advisers at the London-based bank weigh whether to join Stifel Financial Corp., which agreed to acquire Barclays's U.S. wealth unit last month, or shop for better deals.
Stifel said in June that it was working to secure the employment of Barclays's U.S. advisers, which numbered 180 at the time. Those advisers are being offered deals by Stifel that would pay them 150% of their last 12 months of production. However, firms like Merrill are able to offer much more, indepen dent brokerage recruiters said.
Stifel's deal with Barclays is expected to close in November.
Representatives for Morgan Stanley and Barclays didn't immediately comment on the departures.
(Street Moves chronicles the migration of executives on Wall Street, with a particular emphasis on financial advisers with more than $1 million in annual production and those who manage more than $100 million in client assets.)
-Write to Michael Wursthorn at michael.wuursthorn@wsj.com
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