BlackRock's Fink a 'big believer' in Wells Fargo CEO
CHICAGO BlackRock Inc Chief Executive Officer Larry Fink said on Friday he is a "big believer" in Wells Fargo & Co Chief Executive Tim Sloan and that the scandal-hit bank is now on a good path.
UBS AG's Wealth Management Americas said on Wednesday it landed a veteran adviser from Bank of America Corp's Merrill Lynch.
Adviser Todd Starkey, who had been at Merrill for more than a decade, moved to UBS's Melbourne, Florida office last Thursday. Starkey was previously based out of Merrill's Merritt Island office and managed $260 million in client assets.
Starkey, who was joined by senior registered associate Candace Pelham, generated $2.1 million in annual revenue last year.
Bank of America confirmed the departure but declined to comment further.
UBS and Merrill rank among the top U.S. brokerages, along with Morgan Stanley Wealth Management and Wells Fargo Advisors. The four firms often vie for the same pool of veteran advisers.
(Reporting by Ashley Lau in New York; Editing by Steve Orlofsky)
NEW YORK Swiss bank UBS AG reported Friday that profits for its Wealth Management Americas business rose 8 percent over last year as higher operating income, client activity and cuts to recruiting offset higher employee pay doled out to top brokers.