Jan 31 UBS AG's Wealth
Management Americas said on Thursday it landed a team of veteran
advisers from rival brokerage Morgan Stanley Wealth Management,
expanding the firm's adviser footprint in California.
Advisers Bob Rumishek, Alex Velto, Rusty Volkert and John
Cowley joined UBS's Brea office from Morgan Stanley, where they
managed $330 million in client assets. The team generated $2.7
million in annual revenue last year.
Both Rumishek and Velto, who were senior vice presidents at
Morgan Stanley, had been at the firm for more than three
decades. They started their careers with E.F. Hutton & Co in
1980 and 1979, respectively, and stayed with the firm through a
series of acquisitions.
Morgan Stanley Wealth Management, the largest U.S. brokerage
by client assets and headcount, is majority-owned by Morgan
Stanley and partially owned by Citigroup Inc.
Morgan Stanley confirmed the departures but declined to
The team moved on Thursday morning and now reports to UBS
branch manager Glenn Wiessner and complex director Lindsay
DeNardo. The advisers were joined by sales assistants Betty
Ireland and Arianne Volkert.
UBS Wealth Management Americas is the fourth-largest U.S.
brokerage. The firm, along with Morgan Stanley Wealth
Management, Bank of America Corp's Merrill Lynch and
Wells Fargo Advisors, often vies for the same pool of veteran
UBS also said last week it added former Merrill Lynch
adviser Todd Starkey, who managed $260 million in client assets
and had an annual revenue of $2.1 million.