NEW YORK, Dec 8 (Reuters) - Wells Fargo Advisors, Wells Fargo & Co's securities brokerage, hired a Chicago-area team of brokers away from rival UBS AG's wealth management unit, where they managed $463 million in client assets and generated $3.5 million in annual fees and commissions.
James Percifield, David Heeren and Brad Harber, whose team works under the name Madison Street Financial Group, joined Wells Fargo on Nov. 21 from UBS.
The team will work out of two offices, with Heeren based in downtown Chicago and Percifield and Harber opening a new branch in Chesterton, Indiana, about an hour's drive southeast of the city.
Heeren said more than half of the assets Madison Street Financial Group manages come from corporate retirement plans, with the rest coming from high net worth families.
Heeren told Reuters the group chose to move to Wells at this time because it is in the process of adding another adviser and wanted to transition to Wells before the holidays.
A UBS spokesman declined to comment. (Reporting by Elizabeth Dilts; Editing by Dan Grebler)