Union Bank has promoted bank veteran Terry Negendank to regional managing director of The Private Bank, in charge of wealth management in Northern California.

"Union Bank has a deep commitment to our clients and to the communities we serve, and we are confident Terry and his team will continue to serve the region by offering client-centered, customized wealth management solutions," said Dennis Mooradian, executive vice president of wealth markets.

Negendank joined Union Bank in 1993 as deputy director of wealth management responsible for strategy and product development for private banking and the affluent market segments within the retail bank. Prior to that, he held senior management positions at Pacific Western Bank and Sanwa Bank California in the San Francisco Bay area.

Union Bank operates full-service branches in California, Washington, Oregon and Texas. It is the primary subsidiary of UnionBanCal Corp., a San Francisco-based financial holding company.

Aegis Nabs Hirsh From

Janney Montgomery Scott

New York investment firm Aegis Capital has hired Peter Hirsh from Janney Montgomery Scott to serve as managing director of investments in its latest bid to expand its wealth management force.

Hirsh moved to Aegis from Janney on Dec. 9, according to his public registration records with the Financial Industry Regulatory Authority. He is based in the firm's New York office.

Hirsh generates annual fees and commissions in the $1 million range, Aegis said in the announcement of Hirsh's hiring, while his previous assets under management were not disclosed.

Hirsh spent about three years at Aegis, and also previously served at Advest, Lehman Brothers, Oppenheimer and Prudential. Hirsh began his career in 1984 at Merrill Lynch.

Hirsh's hiring comes as Aegis has sought to increase its competition in the regional wealth management market in the last several years, according to Aegis Head of Business Development Phil Michals.

In the last year, Aegis has hired about 40 wealth management advisers and 20 institutional advisers, Michals said, with annual production ranging from $250,000 to $4 million.

"There are fewer and fewer regional firms out there, and then with the few that are out there, there's not a lot of choice on the platform," Michals said.

Aegis is working to differentiate itself by offering its advisers more choice, according to Michals. That includes no requirements to sell proprietary products, no minimums for fee-based practices, the ability to work either independently or by contract and competitive payouts.

The firm has also resisted the self-clearing models embraced by rival firms, Michals said, instead opting to work with third-party custodians JPMorgan and Penson Financial Services. Financial advisers who sign on to work at Aegis also are not subject to non-compete clauses once they leave.

"We're pretty flexible on the non-compete clauses because we think we can retain the adviser for a long period of time," Michals said.

UBS Lures Seven Advisers

From Rival Wirehouses

UBS Wealth Management Americas has lured seven financial advisers to its firm who previously had $1.175 billion in assets under management.

In Toledo, Ohio, three financial advisers operating under the name Findley/Wise Group join from Bank of America Merrill Lynch.

They include Craig Findley, who joins as managing director; Ken Wise, managing director; and Brian Funkhouser, first vice president. Together, they previously oversaw more than $800 million in client assets and had $6.3 million in annual fees and commissions.

Findley joins UBS after more than eight years at Merrill Lynch, according to his public registration records with the Financial Industry Regulatory Authority, following stints at Citigroup Global Markets and Everen Securities. Wise also served for more than eight years at Merrill Lynch, FINRA records show, and previously held positions at Citigroup and Lehman Brothers. Funkhouser served at Merrill Lynch for more than seven years.

The team, which has been registered with UBS since Dec. 14, reports to UBS Branch Manager Jeffrey Catlin.

In Rochester, N.Y., a four-member financial adviser team joins from Morgan Stanley Smith Barney.

That team includes Rocco Pietropaolo, who joins as senior vice president of investments; and Michael Amico, Michael Cooper and Philip J. DiPasquale, who all join as vice presidents of investments. Together, they previously had $375 million in client assets under management.

Pietropaolo first joined Morgan Stanley in November 1991, according to his FINRA registration records, and subsequently served at Citigroup and Morgan Stanley Smith Barney.

Amico also came to Morgan Stanley Smith Barney through Citigroup, which he joined in July 1993, according to his registration records with FINRA, and has also worked at Lehman Brothers and E.F. Hutton & Co.

Cooper served at Morgan Stanley Smith Barney for more than two years, FINRA records show, following about eight years at Citigroup. DiPasquale also served at Morgan Stanley for more than two years following almost six years at Citigroup.

The team has been registered with UBS since Dec. 15 and reports to Sam Messina, executive director and complex director for New York State. MME




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