Another Day, Another Big Broker Jumps to UBS
A 28-year brokerage veteran who has a law degree and CPA license, Cordill’s resume includes a stint as president of Texas regional firm Sanders Morris Harris and as former head of asset management in New York at Oppenheimer & Co.
Like Dawson, Cordill said his practice wasn’t a good fit for the embryonic Alex Brown unit of Raymond James that his former DB boss Haig Arayan is establishing for his orphaned crew. The German bank company late last year decided to close the U.S. brokerage operation.
“It comes down to UBS’s global footprint and a balance sheet that helps serve our clients globally and on the credit side,” Cordill said in a brief interview. He praised Raymond James as a good place for “plain-vanilla” retail business but said his client roster requires “a far more sophisticated money management and alternative business than Raymond James” can offer.
Raymond James has promised to provide its Alex Brown brokers access to trading and asset management desks at Deutsche Bank, but Cordill and Dawson said they feel more secure about working for a bank that can directly provide such services.
The team focuses on portfolio management services and tax-friendly real estate advice that was supported by Deutsche Bank’s strong asset management and alternative investment services, some of which reside in the private banking unit in the U.S. that the German bank is retaining, he said. Dawson and Cordill declined to discuss their production, but Cordill said his biggest single account has $120 million. The team has no minimum requirement, he added, because that king-size account started with him at $200,000.
Cordill said offers he fielded from Raymond James, UBS and another wirehouse were relatively similar. The banks have reportedly been dangling all-in recruiting and/or retention packages of three times trailing 12-month revenue to select advisers, with lock-in periods of seven to nine years.
UBS has been on a hiring spree as rival European banks shutter their U.S. brokerage operations. Credit Suisse is pressing a raiding claim in FINRA arbitration against UBS, claiming it hired more than 60 brokers who had worked at its U.S. operations in the past few months.
Credit Suisse had negotiated an arrangement giving Wells Fargo Advisors open access to recruiting its advisors. Wells has not yet announced any Credit Suisse hires, and recently told analysts not to expect it will get a big jolt from the arrangement.
Following a tip from a reader, however, AdvisorHub has confirmed that Wells Fargo has hired John T. McCauley, Deutsche Bank’s Midwest region director, to run its Wells Advisors business in Houston. He replaces Paul Bobal, a 15-year veteran of Wells and a predecessor firm. Bobal joined Raymond James in October, according to Finra’s BrokerCheck site.
Spokespeople at Wells Fargo and Raymond James did not respond to requests for comment on McCauley, Bobal and Cordill.