UBS hires advisers from Merrill, Morgan Stanley

Mon Feb 6, 2012 7:48pm EST

* Eubanks Lappin Group hired

* Alliance Bernstein's Steve Owen hired in Dallas

NEW YORK Feb 6 (Reuters) - UBS Wealth Management Americas on Monday said it hired more than six financial advisers from Merrill Lynch, Morgan Stanley Smith Barney and Alliance Bernstein, who collectively manage more than $1 billion in assets and generated about $7 million in revenue in the past year.

In Raleigh, North Carolina, the U.S. brokerage arm of UBS hired the Eubanks Lappin Group, led by Steve Eubanks and Michael Lappin. The former Bank of America Merrill Lynch team generated about $4 million in revenue and managed $750 million in client assets.

Also recruited from Merrill were the Trudeau Group in Birmingham, Michigan. UBS declined to disclose the revenue and production associated with the team, led by brothers Stephen and David Trudeau.

The smallest of the four biggest U.S. brokerages, UBS lost many hundreds of brokers in the aftermath of the 2007 credit crisis, the crash of 2008 and a U.S. tax evasion case but in the past year has stemmed the tide of defections and begun rebuilding its adviser ranks by recruiting from rivals.

In New York City, UBS hired David Shorr from Morgan Stanley Smith Barney, the largest U.S. brokerage where he generated $2.8 million in revenue from client assets of $355 million, the Swiss bank said.

Bernstein's Steve Owen joined UBS in Dallas, but the bank declined to disclose annual production.

The hires come a little more than a week after UBS trumpeted its hiring of at least 14 veteran Merrill Lynch brokers who in total managed more than $2 billion in client assets. The UBS brokerage, led by former Merrill Lynch wealth management chief Bob McCann, last year offered a premium for brokers from Merrill by increasing up-front bonuses.

UBS, which reports fourth-quarter results on Tuesday, had just under 7,000 brokers at the end of September managing $724 billion in client assets