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.
Broker and two support staff mark the seventh team to join LPL’s ‘Strategic Wealth’ channel aimed at wirehouse brokers.
UBS Americas wealth business, which includes around 6,000 advisors based in the U.S. as well as a few hundred in Latin America and Canada, earned $467 million in the quarter, up $87 million or 23% from a year ago, according to the company.
Andrew Burish, who helms a team overseeing more than $4 billion in client assets, repeatedly pushed a “disastrous, highly aggressive Tesla short selling strategy,” according to an arbitration complaint filed with Finra.
Led by advisors Brian Beraha and Vicente del Rio, the six-person Florida team managed $5 billion in client assets at J.P. Morgan’s private bank.
In reporting first quarter earnings last week, Merrill Lynch further obscured its core broker headcount while Morgan Stanley did away with reporting the number altogether.
The team’s move underscores the wirehouses’ growing appetite for large private bank teams.
Four-person group had been overseeing $400 million in client assets and underscores Morgan Stanley’s revived recruiting focus.
Merrill advisor who joined UBS in Garden City, Long Island, was generating $7.1 million in annual revenue, according to a person familiar with the move.
UBS Group AG’s business in the Americas is weighing some workplace changes following feedback from employees on issues such as diversity, job flexibility and community engagement.