July 2, 2014 / 5:05 PM / 4 years ago

ON THE MOVE-Wells Fargo lures two advisers from UBS Houston office

NEW YORK, July 2 (Reuters) - Wells Fargo Advisors has hired away two brokers from rival UBS Financial Services in Houston, where they were responsible for managing more than $300 million in client assets.

Robert Gardner III and Robert Higley produced $2.5 million in revenue over the last 12 months at UBS’s Houston-Galleria branch. They joined Wells Fargo’s office in Northwest Houston on Tuesday, and bring with them client associate Adrienne Zwahr, a Wells Fargo spokeswoman said.

Gardner and Higley are the latest team leaders to leave UBS’s operations in Houston in recent weeks. In late May, a four-person group led by Todd Lavergne left UBS in Houston for the independent Texas broker dealer U.S. Capital Advisors.

U.S. Capital Advisors has about 100 wealth management employees across three offices in Texas.

A spokesman for UBS declined to comment on the departures.

Wells Fargo Advisors managed $1.4 trillion in client assets at the end of last year and had more than 15,280 full-service financial advisers. The brokerage firm has eight offices in the Houston market.

Reporting by Elizabeth Dilts; Editing by Tom Brown

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