By Michael Wursthorn
Three financial advisers have left UBS Wealth Management
Americas for Wells Fargo Advisors in the Midwest.
The team, Madison Street Financial Group, oversaw more than $463
million in assets and generated $3.5 million in fees and
commissions for UBS AG's U.S.-based wealth-management arm, with a
focus on corporate retirement plans and high-net-worth
families.
Now, they will look to move those assets to Wells Fargo, where
the team has agreed to work out of two locations: one in Chicago
and the other in Chesterton, Ind.
The team's heads, James Percifield and David Heeren, will work
in Chesterton and Chicago, respectively. The pair, who were each
named managing directors of investments, are joined by Brad Harber,
vice president of investments. Mr. Harber will be based in
Chesterton. The trio's assistants are also joining Wells Fargo to
round out the group.
The team's split location is a "unique arrangement" that
accommodates their commutes, a Wells Fargo spokeswoman said.
Previously, the Indiana-based members commuted to Chicago. Wells
Fargo cited the team's ability to work from two locations as one of
the contributing factors behind the move.
A UBS spokesman didn't immediately respond to a request for
comment.
Mr. Percifield, a 23-year industry veteran, worked at Merrill
Lynch prior to joining UBS in 2008. Mr. Heeren, who has 35 years of
experience, had been at UBS since 2005. He previously had stints at
Smith Barney Inc. and Lehman Brothers Inc., among other firms.
Mr. Harber, meanwhile, had been at UBS since 2008. Prior to
that, he worked at Merrill Lynch for three years beginning in
2005.
(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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