UBS recruited a team from Morgan Stanley that managed approximately $378 million in client assets, a spokesman confirmed. This marks one of UBS’s newest hires since the firm unveiled sweeping changes to its comp plan.
In June, Tom Naratil, president of UBS Wealth Management Americas, revealed major changes to the wirehouse: a 40% cut to recruiting, more resources for advisers already at the firm and a simplified compensation plan for 2017. That latter move was somewhat unusual as the wirehouses typically release the coming year’s comp plan in November or December.
“We’re clearly moving money from column A to column B,” Naratil told On Wall Street in an June interview. “We are moving money that we would have paid to people to come here to people who are already here.”
