UBS Wealth Administration USA on Tuesday reeled in a workforce producing $2.5 million in annual income at Morgan Stanley, in response to a supply accustomed to the transfer.
The Stanley Edwards Group, which the supply mentioned managed $300 million in property, is led by R. Mitch Edwards and Jeffrey D. Stanley, in response to an announcement. They joined UBS in Cincinnati, Ohio, with shopper affiliate Erin Purcell.
The workforce reviews to Andrew Dempsey, who leads UBS’s Ohio–Indiana–Kentucky Market, in response to the announcement.
“Their determination to affix UBS displays our continued capacity to draw skilled advisors who worth the agency’s world sources, wealth administration capabilities and client-first tradition,” Dempsey mentioned in an announcement.
Edwards first registered with Merrill Lynch 20 years in the past and moved to Morgan Stanley in 2013, in response to BrokerCheck. Stanley began with Allstate Monetary Companies in 2008, moved to Morgan Stanley a 12 months later then to Merrill in 2011. He rejoined Morgan Stanley in 2013.
Neither Edwards nor Stanley instantly responded to requests for remark despatched by social media.
A Morgan Stanley spokesperson declined to remark.
The workforce’s annual income locations it nicely under the $7-million-plus vary that UBS has focused with a current deal providing as a lot as 550% of annual manufacturing.
UBS executives have repeatedly predicted that recruiting will speed up and attrition will reasonable this 12 months.
Within the first six months, UBS misplaced at the least 27 groups managing $28 billion in property to rivals, in response to an AdvisorHub tally of reported and introduced strikes.
The Swiss-owned brokerage unit final month recruited a Financial institution of America Personal Financial institution workforce that had overseen $1.three billion in Tampa, Florida. In Could, it snagged two managers from Morgan Stanley and Wells Fargo to concentrate on recruiting and retaining skilled brokers.