UBS Group AG is a Swiss multinational investment bank and financial services company founded and based in Switzerland. Co-headquartered in the cities of Zürich and Basel, it maintains a presence in all major financial centers as the largest Swiss banking institution in the world.
Los Angeles team that joined Rockefeller includes two brokers who had overseen $320 million in assets while J.P. Morgan hires managed $250 million and the Gladstone broker oversaw $200 million.
Texas team, which moved in September, had managed $900 million while breakaway team in Maine had $530 million in assets and moved in August.
A three-person arbitration panel sided with UBS for the majority of the award against a broker who joined Wells in 2017 but also said the firm had misrepresented its loan program and agreed with the broker’s constructive discharge claim.
Among several new hires, Wells plucked three UBS brokers with a combined $3.7 million in annual revenue, including a New England duo and solo producer in Boca Raton.
The Newport Beach team includes a 24-year vet and two of his sons and joined UBS’s private wealth unit for ultra-wealthy customers.
One panel awarded two couples who had lost nearly $700,000 on their investments in UBS’ Yield Enhancement Strategy their money back plus prejudgement interest, while the wirehouse notched its ninth YES victory with another panel.
One broker, Jason L. Seifert, was denied in his counterclaim that UBS made “errors and misrepresentations” prior to his 2011 hire that resulted in damage to his client relationships, reputation, income and “ability to succeed,” according to an arbitration award.
A producing manager for Merrill in Grosse Pointe, Michigan jumped to UBS Wealth Management USA on Sept. 17 along with a four-year broker and support staffer.
The SEC said the firm misallocated municipal bond offerings to “flippers” at the expense of institutional and retail investors.