Despite an earnings miss, the regional wealth firm said it was well-positioned to grow and retain customer cash, and made a pitch for advisors at less stable firms to hop aboard.

The firm also sees additional recruiting opportunities at banks and other financial institutions after attracting Comerica Bank's wealth program last month.

The bank said the advisors and associates who left had managed under 20% of wealth management assets, as of the end of the first quarter.

The San Francisco bank, on shaky ground after two regional peers failed last month, said that customers pulled more than 40% of their deposits last quarter. It's been forced to turn to more expensive sources of funding, which analysts said will squeeze its profitability.

The outflows and expected losses this year at key businesses such as wealth and investment banking highlight the risks for UBS of its planned integration over the next four years.

More than $12.6 billion flows into equity exchange-traded funds in April, the most since January.

The giant custodian's parent company, BNY Mellon, is working on how best to help it work together with its other businesses, CEO Robin Vince said.

Wealth management lifted the firm's bottom line, as the unit's revenues rose 11% over the past year and it hauled in assets across multiple channels.

Although the bank's wealth businesses logged strong organic growth for the quarter, revenue fell and hiring languished after two strong quarters of headcount gains under then-president Andy Sieg's leadership.

CEO David Solomon sees potential for business in the wake of a merger involving two of its rivals for business among the ultrawealthy, he told analysts.

The giant financial institution's performance during the first three months of 2023 is being closely watched by the wealth management industry.

The firm followed rival wirehouses that no longer share their exact number of brokers, which is a critical metric for industry recruiting trends.

Though revenue growth remains a challenge, Citigroup is still committed to its global wealth management expansion plan, CEO Jane Fraser said Friday. Andy Sieg is joining the bank from Merrill Lynch in September as head of global wealth management.

The megabank had another productive recruiting quarter in its wealth units, as it reported record first-quarter revenue Friday.

The private equity-backed independent wealth management firm's liabilities have surged by 87%, but Moody's expects its leverage to fall this year.

Managing partner Penny Pennington received lower pay last year due to the declining business.

The ratings agency said the firm's leverage, which is poised to spike from the acquisition, will ultimately decrease this year due to profits from rising interest rates.

While income saw a massive increase, platform assets were down year over year for the California TAMP.

The company that provides services to 106,000 posted financial results that were a mixed bag of big-picture wins and notable setbacks.

An expanded base of partner RIAs fueled soaring net income and rising debt for the publicly traded aggregator, which is expected to go private at $4.1 billion.