ON THE MOVE-Stifel hires Florida adviser duo from UBS Wealth

June 5 Wed Jun 5, 2013 3:22pm EDT

June 5 (Reuters) - Brokerage firm Stifel, Nicolaus & Co said on Wednesday it hired a veteran team of advisers from UBS AG's Wealth Management Americas group to open a new office in Florida.

Advisers Michael Wallace and Todd Belfiore, based in Tampa, moved to Stifel after more than a decade at UBS, where they managed $179 million in client assets. The two advisers joined Stifel's private client group as senior vice presidents.

Wallace, who started his advising career at Lehman Brothers in 1987, will also serve as branch manager of the new Tampa office.

UBS Wealth Management Americas, the fourth-largest U.S. brokerage, is owned by the Swiss bank UBS AG.

UBS declined to comment on the adviser departures.

Stifel, Nicolaus & Co is a subsidiary of St. Louis-based financial services holding company Stifel Financial Corp.

Stifel, which has benefited from the movement of veteran financial advisers away from larger national brokerage firms, said it added 152 advisers to its wealth management unit last year.

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