UBS Draws U.S. Wealth Advisors
After suffering advisor departures earlier this year while its financial troubles mounted, UBS Wealth Management reportedly bounced back by hiring 132 U.S. financial advisors during the second half of November.
The hires, many from Morgan Stanley and Citigroup, include teams based in Menlo Park, Calif., Bloomington, Minn., Miami, and midtown Manhattan.
The new UBS advisors together managed $14 billion in client assets, Dow Jones reports.
One external recruiter told the newswire that UBS is "seen as one of the places to be right now." However, another recruiter chalked up the recent hiring coups to the size of their deals" - indicating the Swiss bank simply outbid rivals.
In response, a UBS spokesman told Dow Jones that "any suggestion that the firm is offering packages that depart from well- established and well-known industry norms is wrong."