- 19Nov
(Reuters) - Bank of America Corp's Merrill Lynch and UBS Wealth Management Americas have recently been luring financial advisers from each other as the recruiting war among the big brokerage firms continues to rage.
Merrill Lynch recently added five new financial advisers generating a combined $7.5 million in annual fees and commissions.
Michael Appelbaum joined Merrill Lynch's office on 5th Avenue in New York City from UBS. Appelbaum spent over two years at UBS, according to filings with the Financial Industry Regulatory Authority.
At UBS, Appelbaum oversaw $450 million of client assets and generated $1.8 million in annual fees and commissions, according to a Merrill Lynch spokeswoman.
Juan Cabanas also recently made the jump from UBS to Merrill Lynch. Cabanas joined Merrill's office in San Diego after spending over four years at UBS.
At UBS, Cabanas oversaw $192 million of client assets and generated $2.2 million of annual fees and commissions, according to a Merrill Lynch spokeswoman.
Darrick Walker, David Liebowitz and Michael Muniz joined Merrill Lynch in Pleasanton, California, from Morgan Stanley Smith Barney. The team spent four years at Smith Barney, according to filings with the Financial Industry Regulatory Authority.
They previously oversaw a combined $350 million of client assets and generated $3.5 million in annual fees and commissions, according to a Merrill Lynch spokeswoman.
Meanwhile UBS has added two teams of financial advisers generating a combined $5.3 million in annual fees and commissions.
The teams both come from Merrill Lynch, UBS said on Friday. They will work together at UBS's office in Baltimore as one team under the name "The Family Financial Services Group."
At Merrill Lynch, the advisers oversaw a combined $500 million of client assets. The team will specialize in advising clients facing big life changes, such as divorce or widowhood, said UBS.
The new team consists of eight financial advisers and investment specialists--Troy Bryant, Eric Watson, Bart Gibson, William Murphy, Kyle Harris, Eric Buckner, Philip Lazzari and Mark Stevens-- as well as four junior advisers.
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