UBS acquires $2.6 million Beverly Hills team from Merrill Lynch

Two Grueninger Group principals and an associate make the move

Feb 21, 2014 @ 3:36 pm

By Mason Braswell

Two advisers who generated some $2.6 million in revenue at Bank of America Merrill Lynch have jumped to UBS Wealth Management Americas.

The Grueninger Group of Mark Grueninger and Ben Sauer joined UBS' Beverly Hills, Calif., office on Rodeo Drive last week, the firm reported.

Mr. Grueninger, who operates as a senior vice president, began his career at UBS as a trainee in 2001. He moved to Banc of America Investment services, which was later merged into Merrill Lynch, in 2003.

Mr. Sauer has been in the industry for six years and began his career at Banc of America Investment Services.

The two declined to disclose their assets under management, but it isn't unusual for revenue to represent about 1% of total assets under management.

The two are joined by their client service associate, Mariam Aziz, and they report to managing director David Bigler.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

Behind the scenes of InvestmentNews' Best Places to Work

Benefits and vacation policies are important for hiring top talent, but giving employees a sense of ownership in decision-making is among the most important qualities, editor Fred Gabriel says.

Latest news & opinion

Finra anticipates oversight role for SEC advice rule

CEO Robert Cook says one area for examination could be the proposed requirement that brokers act in the best interests of their clients.

IBDs with the most CFPs

Here are the 10 independent broker-dealers that employ the most certified financial planner professionals.

Why we must create a more diverse and sustainable financial planning profession

CEO explains how, why a firm should commit to conscious inclusion.

Pope Francis wants financial advisers to work like fiduciaries

Vatican bulletin admonishes advisers who act against the best interests of their clients.

Wells Fargo sees slowdown in advisers exiting this year

The 2016 banking scandal and public relations fiasco had alienated some of the firm's advisers.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print