UBS Lands $14-Mln Team from Wells Private Bank in Miami
UBS Wealth Management USA has hired a two-advisor team who had been managing $1.8 billion in client assets at Wells Fargo & Co.’s private bank, according to an announcement on Tuesday.
Neyra, a 19-year industry veteran, did not return a call for comment at the Miami office.
Neyra started her career as a client associate at Merrill Lynch in the Miami suburb of Coral Gables in 2000, according to BrokerCheck and LinkedIn. She moved into private banking with Northern Trust Securities in 2003 and then joined Wells Fargo in 2006, according to the database.
Van Putten-Henderson has been registered as a broker for just one year total, including a stint at UBS in 2004, according to BrokerCheck. At Wells, she had been a senior investment strategist, according to UBS’s announcement.
A Wells Fargo spokeswoman declined to comment.
Wells Fargo has been restructuring its private bank as part of a broader reorganization of its Wealth and Investment Management division. It late last year moved oversight of the private bank from the consumer bank to Wells Fargo Advisors brokerage unit.
It also combined the private bank with the Abbot Downing family office business and last month announced a new ‘field’ leadership structure that merged oversight of the private wealth units with the core private client group.
For UBS, the team’s move highlights what recruiters say is an increasing appetite at the wirehouse and other traditional brokerage firms for large private banking teams which historically had been overlooked by full service firms because their bankers are typically paid on salary rather than a commission-based grid and because customer assets are often more closely tied with the bank and harder to transfer.
In another large private banking move, Merrill Lynch on Friday broke a relative calm in its veteran broker recruiting with the hire of a veteran Citi private banker who is expected to join after a garden leave in San Francisco.
In the other direction, UBS, which has been trading veteran brokers since returning to the recruiting wars a year-and-a-half ago, last week lost a team managing $183 million in assets in Texas. They had been generating $1.55 million in annual revenue, according to a person familiar with the practice.
Advisors Kreg Urquhart, his son, Trace, and Robert L. “Bob” Allen joined Stifel Financial to open a new office in Bryan—College Station, Texas on Wednesday.
Allen began his career in 1967 with regional brokerage A.G. Edwards & Sons and moved to UBS in 2009 after A.G. Edwards was acquired by Wachovia Securities. The elder Urquhart started his career at A.G. Edwards in 1997 and followed Allen to UBS the same year.
Trace started at UBS in 2019, according to his BrokerCheck.
The Bryan office is Stifel’s 17th in Texas and the seventh it has opened in the state since 2019. It reports to Bart Reese, a Houston-area branch manager who joined Stifel from Merrill Lynch two years ago.