Nov 21 UBS AG's Americas wealth
management group has expanded its broker force in Ohio with a
veteran team of advisers from Bank of America's Merrill
Advisers Robert Anning Sr., his son John Anning and Tollie
Chavis moved to UBS on Tuesday from Merrill Lynch, where they
managed more than $1 billion i n client assets and last year
produced more than $3 million of annual revenue.
The three advisers had been senior vice presidents in wealth
management at Merrill and were based out of the firm's
Cincinnati branch office. The senior Anning had been at Merrill
for more than four decades, according to regulatory filings.
They joined UBS's Kenwood office in Cincinnati. Rob Anning, also
a son of the senior Anning, had joined that office in March.
Bank of America 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 of client assets under management. It had just over
7,000 advisers as of the end of September.
Since the start of the year, UBS has added at least 72
veteran advisers or teams managing more than $10.8 billion in
client assets at their old firms, based on Reuters' figures.
Reuters tracks the moves of advisers who manage about $100
million or more in client assets.
Many of the firm's new recruits came from rival brokerages,
including Merrill Lynch, Morgan Stanley Wealth Management and
Wells Fargo Advisors. The four top U.S. brokerages often vie for
the same pool of veteran advisers.
UBS also recently added former Merrill Lynch adviser Thomas
Temple in Northbrook, Illinois. Temple had managed about $240
million in client assets and brought in annual revenue of about