UBS picked up two executives from Morgan Stanley, according to memos seen by On Wall Street.
Both men have extensive experience in the wirehouse channel and started their careers as financial advisors before moving into management.
Justin Frame now serves as the Los Angeles-Orange County market head for UBS. He had been on garden leave with Morgan Stanley, according to a memo.
Frame has 25 years of industry experience. After working as an advisor for 12 years, he transitioned into branch management. In 2011, he became a complex manager at Morgan Stanley in Los Angeles.
Frame was recognized by On Wall Street as a
UBS’ other new hire, Mitch Markley, joins the firm as the Rockies Market Head. He also was on garden leave with Morgan Stanley, according to a memo.
Markley has been in the business for 15 years, seven of which he spent as a financial advisor. He later served as Morgan Stanley’s business development manager for Colorado, Utah and New Mexico before becoming a branch manager La Jolla, California.
A Morgan Stanley spokeswoman declined to comment on the departures.
UBS is the smallest of the four wirehouses by headcount. The firm fields approximately 6,500 financial advisors in its Americas unit. These advisors oversaw about $1.4 trillion at the end of 2019,
