UBS Recruits Advisors from Merrill Lynch
UBS has successfully added two groups of advisors previously employed by Merrill Lynch, who collectively managed a substantial $3.4 billion in client assets.
The primary move involved an 18-person team joining the newly established UBS office in Columbia, S.C. Known as TCG & Associates, this group oversaw around $2.6 billion in assets under management, as confirmed by a reliable source.
Noteworthy participants in this team include Michael Velasco, Ladd G. Lumpkin, Larry “Shufy” Rowe, John F. McCabe, Brent D. Roof, Thomas Caskey, William Velasco, and Paula Sabbagha. Michael Velasco, in particular, achieved recognition by being listed among ’s Top 1,200 Advisors for 2019. At the time of the listing, his team's assets were valued at nearly $3 billion. Velasco had been registered with Merrill since 1993, as per BrokerCheck, a publicly accessible database maintained by the industry's self-regulatory organization Finra.
Furthermore, UBS successfully recruited advisors Heather Phillips and Ted Hardenbergh from Merrill Lynch in Manchester, N.H. Together, they managed a portfolio exceeding $700 million in client assets. Phillips and Hardenbergh had served Merrill since 2006 and 2003, respectively.
With these recent additions, UBS aims to counterbalance the departure of a team managing $5.5 billion in assets that recently joined RBC Wealth Management. Demonstrating their commitment to growth through recruitment, UBS has intensified its efforts in recent years. Earlier this year, they acquired several teams overseeing significant funds from First Republic Bank.
Merrill Lynch, owned by Bank of America, has faced multiple losses of advisors to rival firms. In August, for instance, a former Merrill Lynch team overseeing $640 million relocated to UBS in Pepper Pike, Ohio, a suburb of Cleveland. Additionally, LPL Financial secured a Merrill team in Amarillo, Texas, with $320 million in client assets under their management.
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