ON THE MOVE-UBS hires veteran adviser from Merrill Lynch

Fri Aug 31, 2012 10:36pm IST

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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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