Feb 7 UBS AG's Wealth
Management Americas has expanded its broker force in Rhode
Island with a veteran team from rival brokerage Morgan Stanley
Advisers Jamie Hilton and Kara Museler joined UBS's
Providence office last Friday. Hilton managed $350 million in
client assets, according to a 2012 Barron's ranking of top
UBS did not immediately return a request for confirmation of
the new hires, but regulatory filings show the advisers joined
Hilton, who has worked in the industry for three decades,
was a senior vice president at Morgan Stanley. He and Museler
were based out of Morgan Stanley's Newport, Rhode Island office.
Morgan Stanley declined to comment on the departures.
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. The
brokerage unit had a large number of big departures in 2012,
with at least 243 veteran advisers who managed more than $39.2
billion in client assets leaving.
UBS has added at least two other veteran adviser teams from
Morgan Stanley so far in 2013: A Short Hills, New Jersey-based
team that managed $1 billion in client assets and a Brea,
California-based team that managed $330 million in client
assets. Both groups moved in January.
UBS Wealth Management Americas, owned by the Swiss bank UBS
AG, is the fourth-largest U.S. brokerage. UBS and Morgan Stanley
Wealth Management, along with Bank of America Corp's
Merrill Lynch and Wells Fargo Advisors, often vie for
the same pool of veteran advisers.
UBS said on Tuesday the average revenue generated by its
roughly 7,000 U.S.-based advisers topped $1 million in the
fourth-quarter of 2012 - a record for the firm, and likely for
any U.S. retail brokerage, consultants said.