UBS landed a Merrill Lynch team that generated more than $5.4 million in annual revenue, marking the latest round in a tit-for-tat recruiting struggle between the two industry giants.
The Swiss firm's new hires are based in Ponte Vedra, Florida. They managed approximately $900 million in client assets and made the move last month, according to FINRA BrokerCheck records.
In recent weeks, Merrill Lynch grabbed two mega teams from UBS that managed more than $4 billion in combined client assets. Merrill made these hires in advance of
The teams joined Merrill's offices in
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It seems that a long bull market in transition deals may be coming to an end.
May 23 -
"It's always nice when one poker player folds and it's down to two or three players," one recruiter says.
May 12 -
The wirehouse's executives think they've struck on the right formula to boost growth through a simplified comp plan, greater autonomy and an attractive retirement package.
April 17
OFFSETS EARLIER LOSSES
The former UBS teams also helped offset losses Merrill Lynch suffered earlier this year;
UBS's latest recruits include advisers Christopher Aitken, his daughter Shelby, and Ken Tonning as well as senior wealth strategy associates Ian Aguilar and David Ly, and Viktoriya Rudometkin, senior client service associate.
The advisers oversaw nearly $900 million in combined AUM, and moved to Morgan Stanley, Raymond James and HighTower.
Aitken is an industry veteran, having got his start in the business at Lehman Brothers in 1986, according to FINRA BrokerCheck. He later worked at Smith Barney before transitioning to Merrill in 2009.
Shelby Aitken joined her father at Merrill in 2014, while Tonning had been with the wirehouse since 2009.
RECRUITING IN CROSSHAIRS
Merrill's move to reduce recruiting comes nearly a year after UBS slashed recruiting by about 40% in order to
However, UBS, which fields a brokerage force of about 7,000 advisers, has continued to recruit selectively. Last month, the Swiss firm said
