UBS Brings on $876 Million Team From the Competition
Troy Swaner and Fowler Hatley join UBS’ Dallas branch, InvestmentNews writes. The pair previously oversaw $876 million at U.S. Trust, producing $5.5 million annually in fees and commissions, according to the publication. U.S. Trust and Merrill Lynch make up Bank of America’s traditional wealth management operations.
Swaner joined the financial services industry in 1996 and registered with Merrill Lynch in 2013, after stints at NYLife Securities, Fidelity, Capital One Investments, Wells Fargo and Citigroup, according to his BrokerCheck profile. Hatley’s BrokerCheck profile lists him as last registered with Citigroup, from 2011 to 2013. On LinkedIn, he’s listed as having served as a portfolio manager at U.S. Trust, Bank of America Private Wealth, from 2013 until now.
In addition, UBS nabbed Dustin Rief from Mercer Global Advisors for its San Diego branch, InvestmentNews writes. He previously managed $200 million, producing $1.4 million annually, according to the publication.
Clients pulled $7.9 billion out of UBS’s wealth management unit in the last quarter of 2018, and the firm projected that the division’s revenue would fall 9% in the first quarter of 2019.
The unit has been losing advisors so far this year, most recently to Raymond James, which in February lured a team managing $738 million; JPMorgan, which in the same month nabbed two UBS brokers producing between $3.5 million and $4.2 million in annual revenue; and Steward Partners, an employee-owned independent partnership associated with Raymond James Financial Services, which picked up a UBS advisor managing $140 million.
UBS has also lost advisors to Stifel, Ameriprise and First Republic since the start of 2019. But the recent hires are at least the second team to join UBS from Bank of America’s wealth management unit in recent weeks: a Merrill Lynch advisor team overseeing $200 million was one of the “recent recruiting successes” highlighted in an internal memo by Michael McVicker, UBS’s head of business and change management, in February. The other “success” story was a pair of Morgan Stanley brokers managing $530 million.