UBS Wealth Management Americas, a unit of UBS AG, recently hired 11 financial advisors who generated $9 million in fees and commissions and managed $1.2 billion in client assets.
Among the new hires, Frederick Schultz, Lloyd Seested, David Andreadis, Richard Haskin, Eric Teichberg and Karen Ben-Shlaush joined UBS' Private Wealth Management office in Washington, D.C. from Morgan Stanley Smith Barney. The team together had $6 million in annual production and $659 million in assets under management, according to a person familiar with the advisors' book of business. They report to Rod Von Lipsey, a UBS private wealth management manager.
In a statement, Robert McCann, Chief Executive of UBS Wealth Management Americas, said the hiring of the six-member team "underscores our commitment to the D.C. region, one of the key markets for our business."
Before joining UBS, Schultz and Seested worked at Citigroup Inc. for more than seven years and remained at the joint venture with Morgan Stanley for two years, according to Financial Industry Regulatory Authority records.
Andreadis and Haskin were more than four-year veterans of Morgan Stanley and spent two years at the venture.
Teichberg was a 10-year veteran of Citi and predecessor firm Salomon Smith Barney and worked at Morgan Stanley Smith Barney the past two years. Ben-Shlaush spent six combined years at Citigroup and Morgan Stanley, according to Finra records.
Other new hires include Dennis Dougherty and Bryan White, who joined UBS' Denver Tech Center office from Wells Fargo Advisors, a unit of Wells Fargo & Co.. The two advisors had $1.1 million in production and managed $120 million in client assets, the person familiar said. The team reports to John Lester, complex director.
Dougherty worked at Wells Fargo for seven years, while White spent over six years there, regulatory records show.
A Wells Fargo spokeswoman confirmed the team had left the firm. A Morgan Stanley Smith Barney spokeswoman confirmed the advisors had left the firm, but declined further comment.
Brett Philbin is a reporter for Dow Jones Newswires, where this story originally appeared. Write to him at email@example.com