UBS recruiting haul: $30M in revenue, $9B in AUM
UBS’s recent recruiting efforts have netted the firm advisors who were generating roughly $30 million in annual revenue and overseeing more than $9 billion in client assets.
The additions, which include some previously reported on by On Wall Street, represent an uptick in hiring efforts at the wirehouse which has otherwise cutback on such initiatives in recent years. The advisors came from rival wirehouses and banks, and represented a range of experience, from 30-year-plus veterans to those with just over a decade in the business.
UBS’s “recruiting pipeline is at the highest points it's been in over two years,” Michael McVicker, managing director and head of business and change management, said in a company memo seen by On Wall Street.
McVicker said “it is gratifying to see that these new teams share our view of UBS as the best firm to join, grow and retire from.”
The largest of the firm's recent hires was a former Goldman Sachs duo that oversaw $6.7 billion in client assets and generated over $21 million in annual revenue. Cullen Thomason and Hunter Henry, who joined UBS in Dallas, represent one of the biggest advisor moves of 2019.
The wirehouse also had good luck in the Big Apple, picking up New York-based Kevin Roth from HSBC Securities. The 32-year advisor generated $2.2 million in annual revenue and oversaw $1.7 billion in client assets.
In San Francisco, UBS hired former Citi advisor Mariia Eroshin for its private wealth management division. Eroshin had been with Citi for two years, having previously worked at Merrill Lynch, according to FINRA BrokerCheck records. She managed $400 million and generated $2.5 million in annual revenue.
In Richmond, Virginia, UBS hired a veteran advisor generating $1 million in revenue and managing $102 million in client assets. Joseph McVay had been with Morgan Stanley for 35 of his 36 years in the business, according to BrokerCheck.
On the West Coast, UBS picked up four advisors from rival wirehouses.
Chris Eckhardt and Shawn Oliver signed on with UBS in Walnut Creek and Napa, California. Eckhardt, a former Merrill Lynch broker and 20-year industry veteran, generated $900,000 in revenue and managed $106 million. Oliver generated $900,000 and managed $98 million while at Morgan Stanley, where he had spent nearly all of his 29 years in the business.
Also moving from Merrill Lynch is Los Angeles-based Michael Bates, a 22-year industry veteran. He generated $800,000 and oversaw $78 million.
Ex-Morgan Stanley advisor David Sayler joined UBS in Medford, Oregon. He generated $500,000 in annual production and managed $60 million in client assets. Sayler had been with Morgan Stanley and predecessor firm Smith Barney since joining the industry in 2006, according to BrokerCheck. Morgan Stanley recently accused Sayler for allegedly violating non-solicitation agreements in a lawsuit filed in federal court.
Like UBS, Morgan Stanley is not a member of the Broker Protocol, an industrywide agreement that permits advisors switching firms to take basic client contact information with them. Unlike UBS, however, Morgan Stanley has sued a number of departing brokers over alleged non-solicitation violations.