UBS Wealth Management Americas said Wednesday that it has hired a team of upstate New York advisers who managed $144 million in assets at Morgan Stanley Wealth Management.
The Reinhold Group joined UBS' Buffalo, N.Y., offices Oct. 15, according to Gregg Rosenberg, a spokesman for the brokerage. Christine Jockle, a Morgan Stanley spokeswoman, confirmed the team's departure.
The father-son team of John and Derek Reinhold had about $1.7 million in fees and commissions for the past 12 months, the UBS spokesman said in a statement.
In 1976, John Reinhold and an associate opened the Buffalo office of Shearson Hayden Stone, which was later absorbed into a business purchased by Morgan Stanley, according to a biography on the latter's website. Derek Reinhold joined the practice in 2008, the biography said.