NEW YORK Oct 30 UBS AG unit Wealth
Management Americas said on Wednesday it hired a team of four
financial advisers for its UBS Private Wealth Management office
in Los Angeles.
Advisers Mark Binder, Craig Chiate, Glenn Oratz and Scott
Brown have joined UBS from Merrill Lynch Private Banking &
Investment Group, where they managed $3.1 billion in client
assets and liabilities.
"We as a team wanted to work at an organization that was
more exclusively focused on wealth management and not
necessarily commercial banking services and other areas," Chiate
said in an interview.
Chiate said current UBS executives Robert McCann, Robert
Mulholland, Brian Hull and Mike Perry were instrumental in
recruiting him and his team.
All of those executives previously worked at Merrill Lynch.
McCann led Merrill's wealth management business before joining
UBS as head of the firm's U.S. wealth management unit in late
"We thought the world of them then and we're happy to be
working with them again," Chiate said.
Chiate said that he and his team have reached out to all of
their clients and expect that many will continue to work with
The team began working at UBS on Oct. 29, the company said.
Binder, Chiate and Oratz spent 13 years at Merrill Lynch, and
each has been named to Barron's magazine's list of top 1,000
financial advisers in America at least once between 2009-2012.
Brown spent 10 years at Merrill Lynch before joining UBS.
UBS declined to comment on the team's annual revenue production
while at Merrill Lynch. Merrill Lynch confirmed the departure
but declined to comment further.