Pretax profit jumped 17% in the Swiss bank’s U.S. business, but expense growth, customer account outflows and stagnant profitability metrics disappointed analysts.
Connecticut advisor Phil G. Fiore and his team at Procyon Partners are free to solicit their former UBS clients, judge rules.
Arbitration panel said New York broker now with Merrill Lynch liable also has to cover his former firm’s legal fees in case.
Despite its recruiting retrenchment, UBS continues hiring selectively.
Finra arbitrators also award $100,000 to another Illinois broker who alleged he was defamed in a JPMorgan U-5 separation filing.
The move of Matt Kraft’s 4-person team on Monday in Paramus continues a spurt of hiring by UBS from its rival despite announcing a hiring pullback last July.
Phil Fiore, who recruited six members of his former team to his new RIA, has hired a lawyer who once headed UBS’s retail litigation unit.
Ten-person group in Honolulu producing more than $5 million left for Raymond James, marking at least sixth UBS departure this month.
UBS team with combined 77 years of experience switches to Beantown outpost of Chicago-based firm.