Merrill Lynch has hired a million-dollar team from UBS to join its Birmingham, Alabama office.

Michael Gregg and his son John Gregg previously oversaw $130 million in client assets and generated $1.1 million in fees and commissions.

Michael Gregg spent seven years at UBS and prior to that spent almost a decade at A.G. Edwards. John Gregg spent four years at UBS.

Merrill Lynch, which is now part of Bank of America Corp., is currently offering one of the top deals on the Street, with recruitment packages over 300% for top quintile producers.

Meanwhile UBS has offered its top brokers a retention package to try and keep then in their seats while the division undergoes restructuring under new chief, Robert McCann.