Deutsche Bank Alex Brown has hired two advisors from UBS as the Swiss firm continues to suffer the effects of having a ready supply of brokers not locked into a retention package.

Houston-based recruiter Rick Peterson says a number of firms are taking advantage of the fact that UBS brokers don’t have a retention deal, unlike their counterparts at Morgan Stanley Smith Barney, Wells Fargo and Merrill Lynch. “Everyone is trying to get people out of UBS, especially brokers in the first and second quintile,” he says. And, Peterson adds, it isn’t proving to be very difficult. “Morale at UBS is at an all-time low.”

Brett Kellam joins Deutsche Bank Alex Brown’s headquarters in New York City as managing director and regional executive for the New York office. He spent nearly 10 years at UBS, where he was most recently the chief operating officer of the firm’s United States equities distribution team.

Deutsche also recruited former UBS advisor Shawn Sullivan to its Boston office. Sullivan has a client book of high-net-worth individuals and families and 17 years of industry experience.

Last month, Morgan Stanley Smith Barney announced it had recruited two teams and one individual advisor from UBS generating $2 million-plus in production.