UBS has lured a large team of financial advisors managing $10.8 billion in client assets from Merrill Lynch.

Wickham Cash Partners, co-managed by R. Mitchell Wickham and Gregory Cash, has joined UBS Private Wealth Management in Charlotte, N.C., according to a press release from the company. The group, which includes 17 team members, will report to Julie Fox and Brendan Graham, UBS says.

Wickham had been with Merrill Lynch for the entirety of his 20-year career in the financial services industry, according to BrokerCheck.

Cash joined the industry in 1997, also with Merrill Lynch, according to his BrokerCheck profile.

Between all its team members, Wickham Cash Partners has more than 225 years of industry experience, according to UBS.

"As one of Charlotte’s leading private wealth teams, Wickham Cash Partners will be a strong addition to our private wealth management business, as we continue to expand our local presence in Charlotte and the Carolinas," John Mathews, head of UHNW Americas and Private Wealth Management at UBS, says in the press release.

The new team has joined UBS as its advisor ranks continue to dwindle, dropping to 6,549 advisors in the Americas by the end of 2019, compared to 6,627 in the third quarter of 2019. But Tom Naratil, who heads the firm’s wealth management business with Iqbal Khan, has said that the unit could continue shedding advisors and still become twice as profitable by focusing on more productive advisors, wealthier clients and selling additional products such as loans and mandates.

Merrill Lynch has also been losing advisors in recent months, ending the fourth quarter of 2019 with 199 fewer than in the previous quarter.