Merrill snags $500 million team from UBS

Trio brought in $5 million in annual revenue at UBS and will join Merrill's elite private banking group. <i>See also: <a href=&quot;http://www.investmentnews.com/article/20141020/FREE/141029993/morgan-hires-long-time-merrill-broker&quot; target=&quot;_blank&quot;>Merrill loses longtime broker to Morgan Stanley</a>)</i>
OCT 20, 2014
Three former UBS Wealth Management Americas advisers who managed some $500 million in client assets have jumped ship to join Bank of America Merrill Lynch's private banking group. Kanwar Singh, Rajeev Rathi and Steve Coleman moved to Merrill Lynch's Private Banking and Investment Group in Chicago last week, according to firm spokeswoman Susan Atran. They formerly brought in around $5 million in annual revenue for UBS, according to Ms. Atran. (See all of Bank of America Merrill Lynch's latest adviser hires in the Advisers on the Move database.) The Private Banking and Investment Group comprises around 150 teams who focus on ultra-wealthy clients, usually with at least $10 million in investible assets. Mr. Singh had been registered with UBS Financial Services Inc. since 2005, according to BrokerCheck records with the Financial Industry Regulatory Authority Inc. He began his career in 2003 with the Chicago Analytic Trading Co. Mr. Rathi had also been with UBS since 2005, but began at J.P. Morgan Securities Inc. in 1995. Mr. Coleman began at CIBC World Markets Corp. in 2001 and joined UBS Financial Services Inc. in 2003. The three joined as Merrill Lynch reported last week it had added some 155 brokers in the third quarter. Overall, the firm has 14,000 brokers and advisers, including newly hired trainees.

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.