By Corrie Driebusch
Wells Fargo & Co. (WFC) has recruited four brokers from
rival UBS AG (UBS, UBSN.VX), according to a spokeswoman for the
firm.
Wells Fargo Advisors hired Mark Pignotti, who is based in
Chicago and who joined from UBS July 1, according to his new firm.
While at UBS, he managed more than $317 million in client assets
and an annual revenue production of $1.1 million, according to
Wells Fargo.
Timothy Colvin, Jeffery Bedford and Gregory Taylor joined Wells
Fargo Advisors Financial Network, or FiNet, an independent
brokerage arm of the bank. They started up on July 2 in Kingsport,
Tenn., calling their firm Center Street Wealth Management.
They had spent more than a decade at UBS, according to
regulatory filings. At the time they left, they managed $326
million in client assets and generated $2.1 million in fees and
commissions annually, according to a Wells Fargo spokeswoman.
A spokesman for UBS confirmed the departures but declined to
comment further.
(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 Corrie Driebusch at corrie.driebusch@wsj.com
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