Nov 6 UBS AG's American wealth
management group has expanded its broker force in Florida with a
veteran team of advisers from rival brokerage Morgan Stanley
Advisers Michael Bulhack, Mario Ponczek and Douglas Ponczek
moved to UBS on Friday from Morgan Stanley's U.S.
brokerage, where they managed $423 million in client assets and
generated $1.6 million in annual revenue.
The advisers, based in Aventura, Florida, were legacy
Citigroup Smith Barney advisers who joined Morgan Stanley
Wealth Management after the merger of Citi's Smith Barney and
Morgan Stanley's wealth unit in 2009. They had been with Lehman
Brothers prior to Citi.
Bulhack, who was a first vice president at Morgan Stanley,
and Mario Ponczek, who was a senior vice president, had both
been with the firm for more than two decades.
Morgan Stanley declined to comment on the departures.
UBS Wealth Management Americas, the U.S. brokerage division
of the Swiss bank, is the fourth-largest U.S. brokerage with
$875 billion in client assets under management. It had just over
7,000 advisers at the end of September.
Since the start of the year, UBS has added at least 68
individual veteran advisers or teams managing more than $9.5
billion in client assets at their old firms, based on moves
tracked by Reuters. Many of the firm's new recruits came from
top rival brokerages including Morgan Stanley Wealth Management,
Bank of America's Merrill Lynch and Wells Fargo
Advisors, which often vie for the same pool of veteran advisers.
UBS also recently added a veteran Morgan Stanley broker in
Atlanta. Timothy Mulroy, a 26-year industry veteran, managed
$173 million in client assets with an annual revenue production
of $1.4 million.