HighTower nabs a UBS broker team

HighTower Securities LLC has added to its wealth management and international advisory teams with the recruitment of two brokers from UBS Financial Services Inc. Christopher Davis and Matthias Kuhlmey joined the firm last Friday. Together, they manage between $200 million and $300 million in client assets, according to Mindy Diamond, president of Diamond Consultants LLC, a recruitment firm. Carol Graumann, a spokeswoman for HighTower, declined to comment on the brokers' asset or production levels. Mr. Kuhlmey specializes in handling foreign securities and hedging currencies for an international clientele, and Mr. Davis, a former accountant, specializes in advising endowments and non-profit organizations, according to a statement from HighTower. Mr. Davis, who had worked in UBS' Norfolk, Va., office, will now work with Mr. Kuhlmey in New York, Ms. Graumann said. The two brokers were unavailable for comment. “The more quality teams that join models like HighTower, the more credibility it gives to the independent space,” said Ms. Diamond, who recruits for the firm but wasn't involved in the placement of Mr. Davis and Mr. Kuhlmey. Since last year when it was founded, HighTower has attracted financial advisers with about $15 billion in assets. The firm targets high-end recruits by supporting the use of multiple custodians and clearing firms. The firm's backers include David Pottruck, former chief executive of The Charles Schwab Corp., and Philip Purcell, former chief executive of Morgan Stanley.