April 5 UBS AG's Wealth Management Americas said on Friday it hired two veteran advisers from rival brokerage Morgan Stanley Wealth Management, expanding the firm's adviser footprint in Arizona.
Advisers Steven Schultz and Scott Merrill, who moved on Monday, managed a combined $433 million in client assets at Morgan Stanley Wealth Management, the brokerage majority owned by Morgan Stanley and partially owned by Citigroup.
Morgan Stanley did not immediately respond to a request for comment on the departures.
Schultz, who had been with Morgan Stanley Wealth Management and its predecessor firms for more than three decades, was an executive director at the firm. He managed $320 million in client assets and last year had an annual revenue production of $2.6 million.
Merrill, who has been an adviser for more than two decades, was a senior vice president at Morgan Stanley. He managed $113 million in client assets and generated $1.2 million in annual revenue last year.
The advisers joined UBS's office in Phoenix, where James Van Steenhuyse is complex director.
UBS Wealth Management Americas, the U.S. brokerage unit owned by the Swiss bank UBS AG, is the fourth-largest U.S. brokerage. The firm often competes with Morgan Stanley Wealth Management, Bank of America Corp's Merrill Lynch and Wells Fargo Advisors for the same pool of veteran advisers.
UBS last month also hired two veteran teams from Morgan Stanley in Aventura, Florida. The advisers in that move managed more than $2.4 billion in client assets.