Paul Feinstein, a $5 million-dollar producer who joined First Republic three years ago from UBS, was known for leveraged options strategies for some wealthy clients.
Six-broker team is led by Sal Tiano, who has worked for almost three decades at J.P. Morgan and its Bear Stearns predecessor.
Two wirehouse brokers who were managing $325 million in client assets are the second team in two months to have left UBS in southern California for the San Francisco-based bank.
Company veteran James Lansing replaces Mike Lee, the former New York regional director who left for West Coast rival First Republic in March.
Private Wealth group advisors, led by a pair of 30-year Merrill veteran, are relocating to Palm Beach, Fla., from Chicago.
Paramus team opened West Coast bank’s first wealth branch in the Garden State on Friday, the same day UBS hired a $1-million, 29-year industry veteran in Ohio from Morgan Stanley.
Merrill pair in Silicon Valley and Wells team in San Francisco were each overseeing about $300 million of customer assets before moving on Friday.
Bank says it expects to retain just $2 billion of the $16 billion managed by flagship wealth team that broker away last month, but will gain relief from reduced compensation costs.