February 16, 2019
Top Stories of the Week: Ex-Merrill Star Tom Buck Sentenced, UBS Indie, Merrill Exec Comp, And Others
- Tom Buck, Merrill’s Former Top Indiana Broker, Gets 40 Months in Prison
Prosecutors sought longer sentence for broker who excessively traded in commission accounts, but in separate case this week a former UBS broker in Michigan got nine years for embezzlement.
- EXCLUSIVE: UBS Forming Business to Service Independent Advisors
The Swiss bank’s U.S. wealth division has hired a former Citigroup executive to run a unit servicing wealthy customers of registered investment advisers.
- Merrill’s Sieg Gets 69% Boost in Stock Bonus Along with Elevated Title
Bank of America grants Merrill Lynch Wealth Management’s newly elevated president $4.26 million in stock units for 2019.
- Morgan Stanley to Move Deeper Into Retail by Buying Stock-Plan Company
Agrees to buy Solium Capital for about $900 million to administer stock plans to employees of public and private companies in hopes of converting them to wealth management clients.
- Stifel Hires $730-Million UBS Team in Cincinnati
Three brokers left the wirehouse on Thursday to get referrals to middle-market corporate executives served by the smaller firm, according to Stifel’s recruiting head.