Merrill Lynch scores $500 million team from UBS

After picking up a $1.2 billion team last month, Bank of America Merrill Lynch has continued the recruiting momentum by landing a $500 million UBS team in Palm Beach, Fla. The seven-member team, led by Robert “Bobby” Debbs, joined Merrill on Thursday, the firm said. They brought in $3.1 million for UBS in 2014. The group also includes advisers Frederick Shapiro, Steven Colamarino and Albert “Jiggs” David Hutzler III, and three client associates. In a prepared statement, Mr. Debbs, who had been at UBS for almost all of his 10-year career, said he chose the Bank of America Merrill Lynch because of its “lending capabilities and goals-based wealth management.” His clients are primarily corporate executives and other very wealthy individuals, according to Merrill's statement. The team reports to James Chahine, managing director and head of Merrill's Palm Beach complex. Merrill Lynch's headcount has been increasing steadily over recent quarters and stood at 14,085 by the end of last year.