UBS recruiting sweep nets advisors with more than $1.8B
Ten advisors overseeing more than $1.8 billion in client assets are the latest to join UBS, according to a company memo.
The new hires joined in several locations as the firm continues its selective approach to its recruiting sweep, a strategy UBS adopted approximately three years ago. The wirehouse, which has seen a declining headcount, has become focused on high-net-worth and ultrahigh-net-worth clients. The advisor ranks at UBS dropped to 6,627 for the third quarter from 6,910 for the year-ago period, according to the company’s third-quarter earnings report.
Michael McVicker, who serves as head of business and change management, told employees in the memo that “we are having success across the country with recruits of all sizes from various types of firms.”
“Provided a recruit fits within our strategy, we are having success in hiring,” he wrote.
Among the latest hires are Dan Emerson, Scott Emerson and Angelo Esposito. The trio left Merrill Lynch to join UBS in Atlanta. They previously oversaw $676 million in assets and $4.9 million in production, according to the memo.
Dan and Scott Emerson started their tenures at Merrill in 2011 and 2014, respectively, according to FINRA BrokerCheck records. Esposito had been with Merrill since 2006.
The firm hired several advisors in California. In Newport Beach, UBS picked up Andrew Low from BNY Mellon, where he oversaw $125 million and had $1.3 million in production.
Former Morgan Stanley advisor Nicholas Villasenor joined UBS in the same location. He previously managed $383 million and had production of $2.2 million. Further north in Menlo Park, UBS hired Pedro Lopez from Osborn Capital Management, where he oversaw $43 million, according to the wirehouse’s memo.
In Los Angeles, Ranjeet Guptara left Wells Fargo Private Bank to join UBS. He previously was responsible for $200 million.
Also leaving Wells Fargo Private Bank for UBS is Clarence Hughes, who was responsible for $150 million in client assets. Hughes is based in Albuquerque, New Mexico.
In Ft. Lauderdale, Florida, UBS snagged a broker from JPMorgan Chase. Justin Barroso previously oversaw $180 million while at the bank, according to UBS. Barroso, who had production of $1.1 million, had been with JPMorgan for a decade.
Andrew Knutson joined UBS in Wayzata, Minnesota. He was previously with Wells Fargo where he managed $95 million in client assets and generated $600,000 in revenue.