Newest hires at UBS: Two advisers with $290M
UBS recruited two RBC advisers who managed $290 million in client assets, according to the firm.
Advisers Deborah Johnston and Erica Frantz joined the wirehouse in Minneapolis, where they report to Christopher Watkins, Minnesota market head and branch manager. Johnston and Frantz had worked at RBC Wealth Management.
Johnston, who got her start in the business in 2000, had spent her entire wealth management career at the regional firm, according to FINRA BrokerCheck records. She had been a member of RBC's Chairman's Council, according to UBS.
Frantz began her career at Wells Fargo in 2008, and later worked at Merrill Lynch before moving to RBC in 2013.
A spokeswoman for RBC confirmed the team's departure.
A year ago, UBS said it would reduce recruiting efforts and allocate resources back to its branches. Two wirehouse rivals, Merrill Lynch and Morgan Stanley, have also recently announced recruiting cutbacks.
UBS, however, continues to attract high profile teams.
Earlier this month, four veteran Merrill Lynch advisers who oversaw about $1 billion in combined client assets joined UBS. In June, another team, also from Merrill, that generated more than $5.4 million in annual revenue joined the Swiss firm. The group, based in Ponte Vedra, Florida, managed about $900 million in client assets.