ON THE MOVE-UBS hires veteran adviser from Merrill Lynch
By Ashley Lau Aug 31 (Reuters) - UBS AG's American wealth management division expanded its broker force in Ohio after landing a veteran adviser from rival brokerage Merrill Lynch. Myron Tracy Barker in August moved to UBS from Merrill Lynch, the brokerage owned by Bank of America, where he had worked for the past five years. He managed $80 million in client assets and generated $977,000 in annual revenue last year, according to a UBS spokeswoman. Earlier in his career, Barker -- an industry veteran with more than two decades in the business -- previously worked at Citigroup Smith Barney, according to regulatory filings. A Merrill spokesman confirmed the departure, but did not comment further. UBS Wealth Management Americas, the U.S. brokerage division of the Swiss bank, is the fourth-largest U.S. brokerage by client assets with $838 billion in client assets under management and more than 7,000 advisers as of the end of June. Since the start of the year, UBS has added at least 64 individual advisers or teams managing more than $9 billion in client assets at their old firms, based on moved tracked by Reuters. Many of the firm's new recruits came from top rival brokerages including Merrill Lynch, Morgan Stanley Smith Barney and Wells Fargo Advisors, which often vie for the same pool of veteran advisers. Merrill earlier this week said it hired three advisers from UBS in New York and North Carolina. Those advisers managed about $323 million in client assets.
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