UBS hires 3 advisors with more than $400M

The license obtained by UBS allows the firm to manage assets for institutional and high-net-worth investors in the world’s second-largest economy for the first time.
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UBS picked up a trio of ex-Wells Fargo advisors managing more than $400 million in client assets, the firm said.

The new hires joined from two locations: Irvine, California and Los Angeles.

The wirehouse has reduced its recruiting efforts and its headcount has trended downward in recent years, but it continues to selectively recruit advisors who cater to high-net-worth and ultrahigh-net-worth clients. UBS has approximately 6,400 advisors in its Americas wealth management unit, which includes FAs based in Latin America and Canada.

Irvine-based Henry Anthony Hernandez and Robert Magallanes made the transition last month. Hernandez has 30 years of industry experience, having started his career at Invest Financial Corp. He later worked for Chase Investment Services prior to transitioning to Wells Fargo in 2009, according to FINRA BrokerCheck records.

Magallanes started his career at Wells Fargo in 2012.

Los Angeles-based Nelson also moved to UBS last month, per BrokerCheck. He also began his advisory career at Wells Fargo in 2012.

A Wells Fargo spokeswoman declined to comment on the advisors’ departure.

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