UBS hires 15 advisers with $1.5 billion in assets

Reuters

NEW YORK (Reuters) - UBS Wealth Management Americas recently hired 15 financial advisers overseeing $1.5 billion in client assets and generating more than $14 million in annual fees and commissions, according to a source familiar with the business.

So far this year, UBS has hired 124 advisers, up 50 percent from a year earlier, said the source.

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The new advisers include Michael Winn and David James who joined UBS in Century City, California from Oppenheimer & Co Inc. The pair spent almost eight years at Oppenheimer, according to filings with the Financial Industry Regulatory Authority.

The pair previously oversaw $421 million of client assets and generated $6 million in annual fees and commissions, according to the source.

UBS also added a team from Morgan Stanley Smith Barney in Centerville, Ohio. David Scharff, Colin Kowalski and Gary Vance spent 16 years at Smith Barney before Citigroup Inc spun the unit into a joint venture with Morgan Stanley in June 2009, according to FINRA filings.

The team previously oversaw $184 million of client assets and generated $1.7 million in annual fees and commissions, according to the source.

James Bingham joined UBS in Las Vegas from Bank of America Corp's Merrill Lynch, where he spent more than 25 years, according to FINRA filings. Bingham previously oversaw $155 million of client assets and generated $956,000 in annual fees and commissions, according to the source.

Angel Valle joined UBS's international wealth management office in New York City from Citi Private Bank. Valle spent almost a decade at Citigroup, according to FINRA filings. Valle previously oversaw $111 million of client assets and generated $944,000 in annual fees and commissions, according to the source.

(Reporting by Helen Kearney. Editing by Robert MacMillan)