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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