UBS recruited five advisors managing nearly $1.3 billion in client assets from competitors, according to an internal memo sent March 28 and obtained by On Wall Street.
In addition to the advisors, the firm added a new member to its recruiting team. Michael Price, who became a branch manager in 2016, will be responsible for recruiting teams that serve high-net-worth and ultrahigh-net-worth clients, according to the memo, which was sent to the UBS market heads by Michael McVicker, head of business and change management at the firm.
The wirehouse pursues a selective approach to recruiting veteran talent, having
In its most recent recruiting sweep, UBS brought on new brokers at four branch locations.

A team that generated $5.5 million in annual revenue and managed $876 million in assets joined UBS in Dallas, according to the memo.
Troy Swaner left Merrill Lynch where he had spent the last five years, according to FINRA BrokerCheck records. Fowler Hatley, who worked at U.S. Trust, according to LinkedIn, also moved with Swaner. Hatley is not currently a registered financial advisor, according to BrokerCheck, but a spokesman at UBS confirmed he has joined the firm and will be registered as an advisor in the next 60 days.
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Also moving to UBS from Merrill Lynch is advisor Adrienne Hart. She had worked at Merrill 14 years, according to BrokerCheck. The Indianapolis-based advisor managed $95 million in assets and generated $742,000 in annual revenue, according to the memo.
An advisor who generated $1.4 million in revenue and managed $200 million in client assets joined UBS in Carmel Valley, California, according to the memo. Dustin Rief had been previously affiliated with Mercer Advisors, where he had been registered since 2003, according to his IAPD report.
And advisor Patrick Ford is making his first career move after 31 years at Merrill Lynch, according to BrokerCheck. Ford is joining UBS in New Albany, Ohio. He managed $104 million in client assets and generated $1.2 million in annual revenue, according to the memo.
Spokespersons at Merrill Lynch and Mercer Advisors did not respond to a request for comment on the departures.