| NEW YORK, July 23
NEW YORK, July 23 Baird Financial Group, the
holding company of Robert W. Baird & Co, said on Wednesday it
has hired two financial advisers to bolster its Houston offices,
including the manager of one of the top producing offices for
UBS Financial Services in the Texas city.
Craig Young was hired as Baird's Houston market director on
July 18. He formerly managed UBS's Houston Galleria office,
where he oversaw roughly 55 advisers and $6 billion in assets.
Young was hired to expand Baird's broker force at the firm's
two Houston offices located in the Galleria neighborhood, about
a mile from Young's old UBS office, and in the Memorial City
Gary Foose, who was also hired on July 18, joined Baird's
Memorial City office from Wells Fargo Advisors, where he
managed $350 million in client assets and produced $1 million
revenue in the most last twelve months.
UBS and Wells Fargo confirmed the advisers had left their
brokerages, but both declined to comment further.
The hires come as part of Baird's "second wave" of expansion
in the Houston market, said Jarrett Kovics, Texas market
director for Baird Private Wealth Management.
Last July, Baird hired 14 financial advisers managing $2.6
billion in assets to open the office in Memorial City, which
focuses on investing opportunities in the energy sector.
"We think the market can bear a few more high-integrity,
high-producing people who want to grow Baird," Kovics said,
adding that they built and rented extra office in both offices
because they anticipate adding more brokers.
Young is the latest top adviser to defect from UBS's offices
at the Houston Galleria.
Robert Gardner III and Robert Higley joined Wells Fargo
Advisors on July 1 from UBS's Houston Galleria office, where
they produced $2.5 million in revenue in the final 12 months at
In late May, a four-person group led by Todd Lavergne joined
the independent Texas broker dealer U.S. Capital Advisors from
the same UBS office in Houston, where the team managed $500
million in client assets and generated $3.2 million in trailing
12 months' production.
Young declined to comment specifically on UBS, but said that
he was drawn to Baird's technology and structure as an
employee-owned firm because it encourages teamwork.
"We want to partner with people who put others ahead of
themselves," he said.
(Reporting by Elizabeth Dilts; editing by Matthew Lewis)