Industry Moves

Wells Fargo Loses $1.8B FA Team to UBS

Financial advisors Doris Neyra and Melissa Van Putten-Henderson join UBS’s Miami office.

UBS says it has poached a team of financial advisors from Wells Fargo.

Advisors Doris Neyra and Melissa Van Putten-Henderson, along with relationship manager Gina Jamurath, join UBS’s Miami office and will report to Karl Ruppert, South Florida complex director at UBS Private Wealth Management, the company says. The team manages $1.8 billion, according to UBS.

Neyra has been working with high-net-worth clients for more than two decades and prior to joining UBS was a managing director and wealth advisor at Wells Fargo Private Bank for 15 years, UBS says. Neyra has also worked for Northern Trust and Merrill Lynch, according to UBS.

Van Putten-Henderson joined the financial services industry more than two decades ago and prior to joining UBS was a managing director and senior investment strategist at Wells Fargo Private Bank, specializing in custom tax-efficient portfolios, UBS says. Before Wells Fargo, she worked as a senior portfolio manager at U.S. Trust, according to UBS.

Wells Fargo has been shedding advisors in recent months. The firm ended the first quarter of 2021 with 13,277 advisors, down from 13,513 it had at the end of 2020 and down from 14,364 it had at the end of the first quarter of 2020, as reported.

Since then, Wells Fargo advisors have left for BNY Mellon Wealth Management as well as for Dynasty network firm Brandywine Oak Private Wealth and Baird. In addition, Snowden Lane has been poaching Wells Fargo advisors who have an international focus, in the wake of reports that Wells Fargo is shuttering its international business.

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SEC’s Gensler Appoints Chief of Staff, Policy Director

The appointment of Heather Slavkin Corzo, formerly with the AFL-CIO, to the newly created role of policy director, suggest the agency’s policies will turn more progressive.

The Securities and Exchange Commission’s new chairman, Gary Gensler, has made several new appointments that experts say suggest the agency will take a more progressive turn.

Gensler — who was confirmed last week to head the agency — has named Prashant Yerramalli as chief of staff, Heather Slavkin Corzo as policy director, Kevin Burris as counselor to the chair and director of the office of legislative and intergovernmental affairs and Scott Schneider as counselor to the chair and director of the office of public affairs, the SEC says.

Yerramalli has held the role of chief of staff since January under Acting Chair Allison Herren Lee and will continue acting as a senior advisor now to Gensler, according to the agency. Previously, Yerramalli held various other positions at the SEC, including in the division of enforcement and in the office of former commissioner Robert Jackson, the SEC says. Outside the agency, he worked as a law clerk to the Hon. Naomi Reice Buchwald in the Southern District of New York as well as at Brookfield Asset Management and law firms Jenner & Block and WilmerHale, according to the SEC.

Corzo is tasked with overseeing policy experts advising Gensler on rulemaking, the regulator says. She previously served as director of capital markets policy at the American Federation of Labor and Congress of Industrial Organizations, head of U.S. policy at the United NationsPrinciples for Responsible Investment network and a senior fellow at Americans for Financial Reform, the SEC says. Corzo also served as director of the AFL-CIO’s office of investment as well as the group’s senior legal and policy advisor, according to the SEC. She also worked as assistant counsel at BISYS Fund Services, the regulator says.

Burris previously served as director of the subcommittee on oversight and investigations for the U.S. House Committee on Financial Services, according to the SEC. Schneider previously served as the managing director of financial communications at consulting firm Ketchum, the regulator says.

The first round of appointments — particularly Corzo’s appointment as policy director — suggests that the agency under Gensler is likely to pursue a progressive agenda, according to the Wall Street Journal.

While she was with the AFL-CIO, Corzo wrote or appeared in front of lawmakers to support stricter rules on private equity and stock buybacks and to force companies to open their boards to representatives of their workers, according to the publication. And the role of policy director never existed prior to Corzo’s appointment, the Journal writes.

“She has very significant relationships with investors, union leaders and public interest advocates — many of which were very supportive of Gensler’s appointment,” Tyler Gellasch, a former regulator and current executive director of investor group Healthy Markets, tells the Journal. “She knows very well what those groups are hoping to see out of the SEC, and the yardsticks against which Gensler’s tenure will be measured.”

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Contact the reporter: apadalka@money-media.com