UBS Wealth Management Americas has scooped up two former Morgan Stanley Wealth Management advisor teams in Aventura, Florida, which previously managed a combined $2.37 billion in assets.
The firm confirmed to this publication that Allan Yarkin and Hank Boyce, who together manage $1.75 billion in client assets, joined Morgan Stanley in 2009, having worked at Citigroup for 16 years and 18 years respectively.
Likewise, Seth Ripple and Leonard Suskind also transitioned to Morgan Stanley in 2009. They previously oversaw about $619 million in client assets.
Last month, UBS Wealth Management Americas hired Henry Berkley as a financial advisor in New York from Morgan Stanley Wealth Management. Meanwhile, a week earlier it reinforced its broker network in Providence, Rhode Island, with the addition of advisors Jamie Hilton and Kara Museler, who were also from Morgan Stanley Wealth Management.
A number firms have continued to make hires in Florida this week and, indeed, the region has - alongside other states such as California - been a hotspot for hiring in the wealth management industry in recent months.
Yesterday, this publication reported that US Bank’s Private Client Reserve, which targets clients with at least $1 million in investible assets, added Heather Borelli as a wealth management advisor in Naples, while a week earlier it hired Robert Stevenson as a managing director for Florida and a senior portfolio manager in Palm Beach.
Earlier this week, JHS Capital Advisors, a dual-registered broker/dealer and RIA, brought in Kelly Connelly as a financial advisor and first vice president of investments at its new office in Sebring, Florida, in a sign that firms are looking to grow their footprint further in the state.
In February Baird added The Caprara & Hain Financial Group - latterly of Wells Fargo - to its new wealth management office in Merritt Island, Florida, while First Republic opened a new office in Palm Beach.