ON THE MOVE-UBS lands veteran adviser from Morgan Stanley
June 11 |
June 11 (Reuters) - UBS Wealth Management Americas, the U.S. brokerage division of the Swiss bank, has expanded its broker force in New Jersey with a veteran adviser who joined the firm from Morgan Stanley Smith Barney.
Mark Pomo, who had been with Morgan Stanley Smith Barney for more than two decades, moved to UBS in late May. He managed $230 million in client assets and generated more than $600,000 in annual revenue production last year.
Pomo, who moved from Morgan Stanley Smith Barney's Short Hills, New Jersey office, is now based in UBS's Florham Park, New Jersey office, where he reports to Michael Price, managing director and complex director at the firm.
UBS also added two other former Morgan Stanley Smith Barney teams to its Florham Park office earlier this year, hiring veteran adviser Todd Ellentuck in late March and a team of advisers - Richard Palumbo, Robert Short, Robert D'Amato and James Dixon - in early April. Those teams managed $576 million in client assets.
Pomo had been in the industry for more than 25 years, starting at Lehman Brothers in 1987. He joined Citigroup in 1993 and eventually Morgan Stanley Smith Barney in 2009, after Morgan Stanley's wealth unit merged with Citi's Smith Barney.
UBS's Americas wealth management group is the fourth-largest U.S. brokerage by client assets with $851 billion in client assets under management and more than 7,000 advisers as of the end of March.
Since the start of the year, the firm has added individual advisers and teams managing at least $7.8 billion in client assets at their old firms, based on moves tracked by Reuters. Many of the firm's new recruits came from top rival brokerages including Morgan Stanley Smith Barney, Bank of America's Merrill Lynch and Wells Fargo Advisors. (Reporting by Ashley Lau in New York; Editing by Bernard Orr)
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