UBS Lures $2.8-Million Merrill California Team
UBS Wealth Management USA has hired a four-person Merrill team in Santa Barbara, California that had been generating $2.8 million in annual revenue, according to an announcement.
The group had managed $391 million in client assets at Merrill, according to a person familiar with their practice who also provided their annual revenue.
“We’re pleased to welcome Mark, Kip, Shawn, and Nathan to UBS as we continue to grow our presence in the Santa Barbara market,” Jaron Singletary, who for the past year has overseen UBS’s six offices in its West Los Angeles market, said in a statement.
The move underscores a UBS hiring revival that began more than a year-and-a-half ago and also highlights the continued attrition of multi-million dollar teams from Bank of America’s Merrill Lynch.
Merrill, which on Wednesday announced internally a two-month campaign aimed at addressing broker concerns, lost teams representing at least $1.4 billion in assets to competitor firms over the past week, according to a tally of previously reported moves. (Merrill managed more than $3 trillion in client assets and liabilities as of the end of the second quarter, according to Bank of America’s most recent earnings report.)
The same day the Brenner team left, a top-ranked woman advisor at Merrill, Ashley C. Evans, who generated $1.6 million in revenue from a $350 million book exited to join First Republic Bank in San Francisco.
Independent broker-dealer Sanctuary Wealth on the same day said it hired Jackson, Missouri-based broker Justin Martini, who had managed $150 million in assets and had been with Merrill since 2005. That followed a team managing $500 million that joined RBC Wealth Management in the Chicago suburbs on Thursday.
A million-dollar producer whose assets were not immediately available also joined Morgan Stanley in North Carolina on Thursday.
A Merrill spokesperson did not return a request for comment.
Brenner started his career at UBS predecessor PaineWebber in 1985, shifted to Bateman Eichler three years later and also spent four years at Everen Securities before joining Citigroup’s Smith Barney in 1995, according to BrokerCheck.
Paulson started at Merrill in 2007, shifted to Jefferies & Co. two years later and also worked at RBC Wealth Management-U.S. for a stint before moving to Cantor Fitzgerald in 2012, according to BrokerCheck. He left Cantor in November 2017 and joined Merrill four months later, according to the database.
UBS one month ago hired an $11.2-million Merrill Lynch Private Wealth Management team in New York led by Stephen M. Kincade and Alexander S. Fridell.