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UBS adds 24 advisers from rivals in one day
October 13, 2010 / 9:07 PM / in 7 years

UBS adds 24 advisers from rivals in one day

* UBS Wealth adds 24 advisers, 10 from Morgan Stanley

* 4 advisers from Merrill Lynch, 4 from Wells Fargo

NEW YORK, Oct 13 (Reuters) - UBS Wealth Management Americas hired 24 advisers from rival firms on October 1, said a UBS spokeswoman on Wednesday.

Ten of the new recruits came from Morgan Stanley Smith Barney, including John Kelly and Michael Rinaldo who joined UBS UBSN.VX (UBS.N) in Bedminster, New Jersey.

The pair spent six years at Morgan Stanley (MS.N), according to a filing with the Financial Industry Regulatory Authority. They previously generated $1.1 million in annual fees and commissions and oversaw $103 million of client assets, the spokeswoman said.

Two of the other two-man adviser teams also generated more than a million dollars in annual fees and commissions.

The hires also included four advisers from Bank of America Corp’s (BAC.N) Merrill Lynch and four from Wells Fargo Advisors, a unit of Wells Fargo & Co (WFC.N), the spokeswoman said.

It has been a tough year for recruiting at the big brokerage firms as advisers continue to be tied to their firms by generous retention packages doled out during the financial crisis, according to industry headhunters.

Still, many firms have not spent their annual recruiting budgets so may be looking to make a big push toward the year end.

“There’s money left over at every major firm,” said Mickey Wasserman, an Agoura Hills, California-based recruiter.

Robert Mulholland, head of the UBS adviser force in the Americas, told Reuters in July the unit intended to add between 150 and 200 advisers this year. [ID:nN12233999]

At the end of the second quarter the unit had 6,760 advisers, down 15 percent from 7,939 a year earlier.

Dow Jones first reported news of the new hires earlier today. (Reporting by Helen Kearney; editing by Carol Bishopric)

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