Stifel Hires $730-Million UBS Team in Cincinnati
A three-advisor UBS Wealth Management team in Cincinnati that was producing around $6 million jumped to Stifel Financial on Thursday.
Thomas Lieser, Leigh Anne Gage and Tom Awadalla were managing about $730 million in client assets at the wirehouse, according to a Stifel spokesman, who declined to discuss the production number that was provided by two sources familiar with the team’s practice.
The trio opted for the St. Louis-based regional firm because they have a focus on executives from middle-market companies, a sector that Stifel’s investment bank caters to and that they believe will be a source of new business, said John Pierce, Stifel’s head of recruiting.
The brokers, who with three support staff marketed themselves as the “Executive Wealth Consultants” group at UBS, were not available to comment, said a person who answered Lieser’s phone at Stifel.
Lieser is the senior member of the Cincinnati team, having first registered as a broker with Smith Barney 16 years ago in Cincinnati, according to his BrokerCheck record. He stayed with the firm through its merger into Morgan Stanley in 2009 but left for UBS in June 2011.
He specialized in so-called “corporate services” such as stock-option planning, restricted securities sales and 10b-1 insider trading programs since his Smith Barney days and was involved in “several of Cincinnati’s most recent IPOs and private acquisitions,” according to his online team biography at UBS.
Gage similarly began her career at Smith Barney, joining its Cincinnati office in 2006 but leaving for UBS in early 2009 following announcement of the Morgan Stanley merger. Her clients include senior executives at Procter & Gamble, General Electric, Cintas, Cincinnati Bell and The Kroger Co., according to her former UBS page.
Awadalla’s brokerage career began in 2008 with a 13-month stint at Merrill Lynch’s Cincinnati office in 2008, followed by two years at Morgan Stanley and a shift to UBS in September 2011. , according to his BrokerCheck history. Like his colleagues, his niche was working with executives and retirees who had corporate stock positions, according to his UBS biography.
The team is the second group of producers Stifel hired in Cincinnati this year. Last month the Todd Group—led by Todd Haacke, Todd A. Hicks and Jeffrey Scheper—joined from Morgan Stanley. The group generated $7 million in annual revenue at their former firm, but were edged out while under review for using client-provided passwords to review retirement funds being held away at other firms, according to BrokerCheck.
St. Louis-based regional Stifel Financial said in its fourth-quarter earnings release this month that it ended 2018 with 2,301 brokers, a net addition of 57 over the year. UBS ended the year with around 6,800 financial advisers in the Americas.