By Michael Wursthorn
Merrill Lynch added a team of four financial advisers to its
"Thundering Herd," luring them away from rival UBS AG's U.S.
brokerage unit.
The advisers, led by Robert Debbs, joined Merrill's Palm Beach,
Fla., branch on Thursday, where they will work to transition the
more than $500 million in client assets they managed while at UBS,
according to a statement.
Mr. Debbs was joined by advisers Frederick Shapiro, Steven
Colamarino and Albert David Hutzler III, as well as three client
associates. They generated $3.1 million in fees and commissions
last year, Merrill said.
A UBS spokesman declined to comment on the departures.
Merrill, with its more than 14,000 advisers, has announced a
number of additions to its ranks in the past several weeks. In
February, it brought on two Texas-based advisers from UBS who
managed more than $175 million in assets. Earlier that month, it
touted the hiring of California-based adviser Bruce Munster from
Morgan Stanley, where he oversaw more than $1.2 billion in client
assets.
This latest team wasn't available for an interview, a Merrill
spokeswoman said.
But Mr. Debbs, who had been at UBS since 2005, said in the
statement that his team needed a "broader and more diversified
platform" to serve their clients. After meeting with several
unidentified firms, they chose Merrill, he said.
Prior to working at UBS, Mr. Debbs spent two years in the
investment-banking division of asset-management firm Source Capital
Group. Messrs. Shapiro and Colamarino had worked at UBS for about
15 and seven years, respectively. Mr. Hutzler, who was at UBS since
2007, also had stints as an adviser at Alex Brown & Sons,
Prudential Securities, and Wachovia Securities.
(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. Michael Wursthorn can be reached at
212-416-2218 or at michael.wursthorn@wsj.com.)
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