January 25, 2020
This Week’s Top Stories: Morgan Stanley Taps Recruiting Head, UBS Earnings Dip, and More
- Morgan Stanley Names New Recruiting Head, Adds Five Advisors with $9.5 Mln
Wirehouse last weekend added three Merrill Lynch teams in Alabama, led by one with $891 million in customers assets.
- Rockefeller Y’All: Five from Morgan Stanley Producing $8.3 Million Join Down South
Rockefeller hires three new brokers from the wirehouse in Atlanta, and opens its first office in Florida with two others.
- UBS Eases Out Insurance Sales Head, Shuffles Los Angeles Managers
UBS AG’s private wealth job cuts include U.S. insurance product veteran, and reorganization of U.S. field managers extends into southern California.
- UBS CEO Recommits to U.S. Wealth as Clients Pull Assets and Brokers Leave
UBS clients in the Americas pulled a net $17.4 billion from their accounts in 2019, while the Swiss bank’s brokerage force fell by 301 advisors in the region.
- Raymond James Swallows Expense Rise to Propel Private Client Growth: CEO
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.