* Eubanks Lappin Group hired
* Alliance Bernstein's Steve Owen hired in Dallas
NEW YORK, Feb 6 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
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
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