April 5 UBS AG's Wealth
Management Americas said on Friday it hired two veteran advisers
from rival brokerage Morgan Stanley Wealth Management, expanding
the firm's adviser footprint in Arizona.
Advisers Steven Schultz and Scott Merrill, who moved on
Monday, managed a combined $433 million in client assets at
Morgan Stanley Wealth Management, the brokerage majority owned
by Morgan Stanley and partially owned by Citigroup.
Morgan Stanley did not immediately respond to a request for
comment on the departures.
Schultz, who had been with Morgan Stanley Wealth Management
and its predecessor firms for more than three decades, was an
executive director at the firm. He managed $320 million in
client assets and last year had an annual revenue production of
Merrill, who has been an adviser for more than two decades,
was a senior vice president at Morgan Stanley. He managed $113
million in client assets and generated $1.2 million in annual
revenue last year.
The advisers joined UBS's office in Phoenix, where James Van
Steenhuyse is complex director.
UBS Wealth Management Americas, the U.S. brokerage unit
owned by the Swiss bank UBS AG, is the fourth-largest U.S.
brokerage. The firm often competes with Morgan Stanley Wealth
Management, Bank of America Corp's Merrill Lynch and Wells Fargo
Advisors for the same pool of veteran advisers.
UBS last month also hired two veteran teams from Morgan
Stanley in Aventura, Florida. The advisers in that move managed
more than $2.4 billion in client assets.