UBS adds to Southern California push with $500 million adviser

Firm's crop of recent hires for its wealth management unit have managed more than $5.2 billion.
NOV 12, 2013
UBS AG said Thursday it has added another deep-pocketed adviser to its Southern California wealth management business. A team headed by M. Scott Harries joined the brokerage's Los Angeles office from Merrill Lynch Wealth Management Private Bank and Investment Group on Oct. 29, the same day that four other teams from Merrill in Southern California also switched to UBS, according to Gregg Rosenberg, a UBS spokesman. (Get the details on all six teams to recently move from Merrill Lynch to UBS) Mr. Harries' team managed $500 million in client assets and debt at Merrill, Mr. Rosenberg said in a statement. Altogether, the teams that joined UBS in Southern California on Oct. 29 managed more than $5.2 billion for clients at Merrill, according to UBS. Merrill Lynch is the largest of the four U.S. wirehouse brokerages by client assets; UBS is the smallest. Mr. Harries has been in the securities industry since 1989, when he started at Goldman Sachs & Co., according to regulatory records. He started at Merrill Lynch in 2000. UBS did not disclose his revenue figures. Ana Sollitto, a spokeswoman for Merrill's parent company, Bank of America Corp., declined to comment on the departures.

Latest News

Indie $8B RIA adds further leadership talent amid growth drive
Indie $8B RIA adds further leadership talent amid growth drive

Executives from LPL Financial, Cresset Partners hired for key roles.

Stock volatility remained low despite risk events
Stock volatility remained low despite risk events

Geopolitical tension has been managed well by the markets.

Fed minutes to provide signals on rate cuts
Fed minutes to provide signals on rate cuts

December cut is still a possiblity.

Trump's tariff talk roils markets, political leaders
Trump's tariff talk roils markets, political leaders

Canada, China among nations to react to president-elect's comments.

Ken Leech formally charged by SEC, US Attorney's Office
Ken Leech formally charged by SEC, US Attorney's Office

For several years, Leech allegedly favored some clients in trade allocations, at the cost of others, amounting to $600 million, according to the Department of Justice.

SPONSORED The future of prospecting: Say goodbye to cold calls and hello to smart connections

Streamline your outreach with Aidentified's AI-driven solutions

SPONSORED A bumpy start to autumn but more positives ahead

This season’s market volatility: Positioning for rate relief, income growth and the AI rebound