August 31, 2021
UBS Wealth Administration USA has employed a four-person Merrill crew in Santa Barbara, California that had been producing $2.Eight million in annual income, in accordance with an announcement.
The crew is led by 36-year veteran dealer Mark Ok. Brenner, who had joined Merrill 12 years in the past from Smith Barney, in accordance with BrokerCheck. He moved on Friday together with 13-year dealer Kip Paulson and two assist employees, Shawn Hill and Nathan Cha, in accordance with BrokerCheck and the announcement.
The group had managed $391 million in consumer property at Merrill, in accordance with an individual acquainted with their follow who additionally offered their annual income.
“We’re happy to welcome Mark, Kip, Shawn, and Nathan to UBS as we proceed to develop our presence within the Santa Barbara market,” Jaron Singletary, who for the previous yr has overseen UBS’s six workplaces in its West Los Angeles market, mentioned in a press release.
The transfer underscores a UBS hiring revival that started greater than a year-and-a-half in the past and in addition highlights the continued attrition of multi-million greenback groups from Financial institution of America’s Merrill Lynch.
Merrill, which on Wednesday introduced internally a two-month marketing campaign geared toward addressing dealer considerations, misplaced groups representing at the least $1.four billion in property to competitor companies over the previous week, in accordance with a tally of beforehand reported strikes. (Merrill managed greater than $three trillion in consumer property and liabilities as of the tip of the second quarter, in accordance with Financial institution of America’s most up-to-date earnings report.)
The identical day the Brenner crew left, a top-ranked girl advisor at Merrill, Ashley C. Evans, who generated $1.6 million in income from a $350 million e book exited to affix First Republic Financial institution in San Francisco.
Impartial broker-dealer Sanctuary Wealth on the identical day mentioned it employed Jackson, Missouri-based dealer Justin Martini, who had managed $150 million in property and had been with Merrill since 2005. That adopted a crew managing $500 million that joined RBC Wealth Administration within the Chicago suburbs on Thursday.
One million-dollar producer whose property weren’t instantly accessible additionally joined Morgan Stanley in North Carolina on Thursday.
A Merrill spokesperson didn’t return a request for remark.
Brenner began his profession at UBS predecessor PaineWebber in 1985, shifted to Bateman Eichler three years later and in addition spent 4 years at Everen Securities earlier than becoming a member of Citigroup’s Smith Barney in 1995, in accordance with BrokerCheck.
Paulson began at Merrill in 2007, shifted to Jefferies & Co. two years later and in addition labored at RBC Wealth Administration-U.S. for a stint earlier than transferring to Cantor Fitzgerald in 2012, in accordance with BrokerCheck. He left Cantor in November 2017 and joined Merrill 4 months later, in accordance with the database.
UBS one month in the past employed an $11.2-million Merrill Lynch Personal Wealth Administration crew in New York led by Stephen M. Kincade and Alexander S. Fridell.