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 2009.
"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 them.
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.