(Reuters) - UBS AG’s Wealth Management Americas has expanded its broker force in Rhode Island with a veteran team from rival brokerage Morgan Stanley Wealth Management.
Advisers Jamie Hilton and Kara Museler joined UBS’s Providence office last Friday. Hilton managed $350 million in client assets, according to a 2012 Barron’s ranking of top advisers.
UBS did not immediately return a request for confirmation of the new hires, but regulatory filings show the advisers joined the company.
Hilton, who has worked in the industry for three decades, was a senior vice president at Morgan Stanley. He and Museler were based out of Morgan Stanley’s Newport, Rhode Island office.
Morgan Stanley declined to comment on the departures.
Morgan Stanley Wealth Management, the largest U.S. brokerage by client assets and headcount, is majority-owned by Morgan Stanley and partially owned by Citigroup Inc. The brokerage unit had a large number of big departures in 2012, with at least 243 veteran advisers who managed more than $39.2 billion in client assets leaving.
UBS has added at least two other veteran adviser teams from Morgan Stanley so far in 2013: A Short Hills, New Jersey-based team that managed $1 billion in client assets and a Brea, California-based team that managed $330 million in client assets. Both groups moved in January.
UBS Wealth Management Americas, owned by the Swiss bank UBS AG, is the fourth-largest U.S. brokerage. UBS and Morgan Stanley Wealth Management, along with Bank of America Corp’s Merrill Lynch and Wells Fargo Advisors, often vie for the same pool of veteran advisers.
UBS said on Tuesday the average revenue generated by its roughly 7,000 U.S.-based advisers topped $1 million in the fourth-quarter of 2012 - a record for the firm, and likely for any U.S. retail brokerage, consultants said.
Reporting by Ashley Lau in New York; Editing by Steve Orlofsky