UBS hires $391M advisor from Merrill Lynch

UBS hired a former Merrill Lynch advisor who oversaw $391 million in client assets and is joining the bank during a period of falling advisor headcount.

Financial advisor Michele McCallion joined the firm in New York, but will also have an additional office in Greenwich, Connecticut, according to the firm.

UBS slashed its recruiting efforts in 2016, citing a desire to cut hiring costs and shift resources elsewhere. However, the firm continues to selectively snatch top talent from the competition. Earlier this year, it hired two former Goldman Sachs financial advisors who oversaw $6.6 billion in client assets.

Daniel Acker/Bloomberg News

McCallion, an industry veteran, also has roots at Goldman Sachs. She started her advisory career at the bank in 1990, according to FINRA BrokerCheck records. She moved to Merrill Lynch in 1999.

Her clients include multigenerational families, entrepreneurs and executives of public companies, according to UBS. She also specializes in helping women in life transitions, such as a career change, loss of a spouse and divorce.

A Merrill Lynch spokeswoman declined to comment on the departure.

UBS reported that the advisor ranks for its Americas wealth management shrank to 6,689 for the second quarter from 6,937 for the same period a year ago. The figure includes advisors in Canada and Latin America.

On Thursday, UBS CEO Sergio Ermotti made changes to the firm’s management, replacing wealth management co-head Martin Blessing with former Credit Suisse banker Iqbal Khan.

Khan will serve alongside co-head Tom Naratil.