It hired 10 reps around the country managing some $1.6 billion in the past month, including one Atlanta trio from Merrill Lynch overseeing $676 million in assets under management. That Atlanta team had trailing 12 months revenue of $4.9 million on assets under management of $676 million.Even as it has bumped up recruitment hires so far in 2019, UBS's total adviser headcount both in the US and around the world has been dipping over the past year as advisers leave for competitors or retire.
"In terms of wealth management hiring, as you've seen, overall, we've had a reduction in our FAs, and we're very focused," chief financial officer Kirt Gardner told analysts on the firm's third-quarter earnings call last month. The firm has been zeroed in on advisers' productivity over the sheer number of financial advisers, he said.
, which scaled its investment-banking business back in the years following the financial crisis, has prioritized the US wealth market, and has sought to add assets and revive wealth-management margins there. , John Mathews, who leads UBS's private-wealth management and ultrahigh-net-worth business for the Americas, echoed that focus on productivity.
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