UBS Hires $2.7 Million Merrill Lynch Team in Northern California
UBS Wealth Management USA, in its second “selective hire” in a week, said Tuesday that it hired a team of Merrill Lynch brokers in Mill Valley, California, that generated $2.7 million in annual revenue.James “Jim” Patrick and John D’Amico, who each worked at Merrill for 19 years, joined UBS last Thursday, according to their BrokerCheck records. They had been managing $440 million in client assets, according to the announcement.
Their arrival followed by two days UBS’ hiring of Merrill Lynch “private wealth” advisor Michele McCallion in New York CIty. McCallion who also works in Greenwich, Conn., is a 20-year Merrill veteran who was managing $391 million at the firm.
Patrick, D’Amico and two other members of the new UBS team—advisor Kyle Patrick and client associate Teresa Aronoff—could not be reached for comment.
A Merrill spokeswoman did not return a request for comment.
Patrick began his brokerage career at Dean Witter Reynolds, Inc. in 1992, and joined Merrill in 2000 after three years with Mercer Global Securities.
UBS AG Chief Financial Officer Kirt Gardner said in July that the firm’s more than three-year-old constraint on hiring experienced U.S. brokers has resulted in decreased new-money inflows. He did not enunciate a change in recruiting policies but said the firm would be more focused on improving asset flows.
UBS withdrew from the Protocol for Broker Recruiting in late 2017 to make it more difficult for advisors to move to other firms. The pact allows brokers to take some customer-contact information with them when joining other signatory firms.
UBS Wealth Management USA recruited fewer than two dozen brokers this year, U.S. wealth management head Jason Chandler told advisors and managers in June, highlighting the data as a sign of its selective hiring policy even as the firm keeps a tight rein on expenses.
Merrill Lynch put a freeze on hiring experienced (and expensive) brokers recruiting in May 2017. Merrill Wealth President Andy Sieg recently reiterated the firm’s commitment to the policy. Unlike UBS, Merrill remains in the Protocol for Broker Recruiting.