(Reuters) - UBS Wealth Management Americas has hired a Milwaukee-based adviser from Morgan Stanley Wealth Management, where he and his team oversaw $600 million in client assets.
Bruce Lanser, who joined UBS on August 6 and has the title of institutional consultant, had $1.1 million in annual revenue production at Morgan Stanley, according to UBS.
A spokeswoman for Morgan Stanley confirmed that Lanser left the company but declined to comment further.
Lanser joined UBS AG with his wife and advising partner, Bernadette Lanser, and will report to branch manager Mike Kelly, based in Brookfield, Wisconsin, and complex director Steve Meadows, based in Northbrook, Illinois.
Lanser is a 30-year veteran of the wealth management industry. He had been at Morgan Stanley and its predecessor firm since 1993, according to regulatory filings. Prior to that he worked at Lehman Brothers Inc. and Merrill Lynch.
He specializes in consulting institutional clients on their defined-contribution retirement plans.
UBS had 7,099 advisers in its U.S. brokerage force as of the end of June, an increase of 34 advisers from the end of March and up by 78 from a year earlier.
Reporting By Jennifer Hoyt Cummings; editing by Andrew Hay