By Ashley Lau
March 20 (Reuters) - UBS Wealth Management Americas made a raft of big hires in February and early March, taking on at least 13 advisers who managed more than $1.7 billion in client assets.
The recent adviser recruits, who came primarily from competing firms such as Bank of America’s Merrill Lynch and Morgan Stanley Smith Barney, have joined the company across the United States, the Swiss-owned brokerage said on Tuesday.
In Florida, advisers Matthew Kilgroe, Peter Frantzis and Tommy Kidwell joined UBS’ St. Petersburg office from Merrill Lynch, where they managed $540 million in client assets. Kilgroe had been with Merrill for more than two decades.
The three advisers together generated about $4 million in revenue last year for the firm. They now report to Gregory Kadet and branch manager Jim Tarantino.
UBS also hired advisers Eric Hynden and Thomas Burt in its office in Fort Myers, Florida, where they report to director and branch manager Matthew Welborn.
Hynden, a nearly three-decade industry veteran who joined the UBS from FSC Securities, managed more than $156 million in client assets. He had an annual production of about $1.4 million last year.
Burt, who joined from Morgan Stanley Smith Barney, managed more than $150 million in client assets and last year generated about $1.3 million in revenue.
In Michigan, advisers James “Brad” Cross and Bradford Vannelli joined UBS from Merrill Lynch, where they managed more than $259 million in client assets. Cross, a 23-year industry veteran, had been with Merrill for more than two decades.
The two advisers generated about $1.7 million in revenue last year and will report to Michael Gatewood.
Also on the move, advisers Nelson Link, Michael Kemp and Cynthia Shively joined UBS in Roanoke, Virginia from Morgan Stanley Smith Barney, where they managed more than $317 million in client assets. The three advisers last year generated about $3.2 million in revenue.
They now report to Carl Chaput.
UBS made two individual adviser hires in New Jersey and South Carolina. Adviser Gregory Kenzik joined UBS in Paramus, New Jersey, from Morgan Stanley Smith Barney, where he managed $180 million in client assets. Kenzik last year generated $2.8 million in revenue. He reports to complex director Brian Cain.
In South Carolina, adviser Jim Yarbrough joined UBS from Scott & Stringfellow, where he managed $131 million in client assets. Yarbrough reports to branch manager H. Marvin Beasley.
UBS’ Americas wealth management group is the fourth-largest U.S. brokerage by client assets, with $754 billion in assets under management and just under 7,000 advisers as of the end of December.