UBS Group AG is searching for a successor to Chief Executive Officer Sergio Ermotti, the latest European bank to consider changes at the top in an industry beset by sluggish growth.
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.
Complex manager James E. Ducey expands his territory with seven branches in Maine, New Hampshire and Vermont.
Father-daughter team in New York join another Morgan Stanley alum at J.P. Morgan, Merrill advisor in Virginia producing $1.7 million arrives at Raymond James, and Rockefeller hires a $1.2 million producer in Washington.
Four of the advisors UBS hired since late November came from private banks and mass-market brokers.
Two brokers producing $5.3 million in UBS’s “private wealth” unit shift to a new unit of Wells Fargo Advisors focused on the very rich.
UBS AG’s private wealth job cuts include U.S. insurance product veteran, and reorganization of U.S. field managers extends into southern California.
Compensation and administrative expenses in Raymond James private client division jumped 7% last quarter, and profit was down 7%, but firm has no plans to retrench.