Pennsylvania advisers with $425M AUM jump to UBS

Pennsylvania advisers with $425M AUM jump to UBS
One three-man team had $270M in assets, while a fourth individual joining separately had $155M.
NOV 17, 2015
UBS picked up four Pennsylvania advisers with $425 million in combined assets under management in the past month. Advisers Drew Barlow, Brian McKeon and Kirk Hasen of the Penn Management Group joined UBS at the end of September, according to UBS spokesman Gregg Rosenberg. The Pennsylvania team, who left Morgan Stanley, oversaw about $270 million in assets under management and generated $3.2 million in annual fees and commissions. The team works out of Newton, Pa., and reports to Clayton Bedford, the branch manager. (Check out InvestmentNews' Advisers on the move database) Mr. Barlow has worked for a number of firms in his 30 years in the industry, including Prudential Securities and Wachovia Securities, according to BrokerCheck records. He had worked at Morgan Stanley since 2009. Mr. McKeon has spent 14 years in the industry. His work history also includes Prudential and Wachovia. Mr. Hasen, a 22 year industry veteran, worked at Wells Fargo for five years before joining Morgan Stanley in 2011. Also joining UBS separately is adviser Emilio Valdes, who spent 23 years at Merrill Lynch. Mr. Valdes oversaw approximately $155 million at Merrill Lynch and had $1.3 million in annual fees and commissions, according to Mr. Rosenberg. Mr. Valdes, who works with high net worth clients and 401k plans, will work out of Conshohocken, Pa. Spokesmen for Morgan Stanley and Merrill Lynch could not be reached for comment.

Latest News

Most Americans oblivious to Social Security’s projected demise
Most Americans oblivious to Social Security’s projected demise

New Nationwide Retirement Institute survey reveals eight in ten Americans agree Social Security needs fixing and how.

NewEdge advisors reshape client work with AI in weeks after Anthropic rollout
NewEdge advisors reshape client work with AI in weeks after Anthropic rollout

Advisor-led adoption has been rapid for tasks from translating annuity contracts into plain English to speedy webinar prep.

Kestra Financial names Kelly Apple as head of wealth management
Kestra Financial names Kelly Apple as head of wealth management

Austin, Texas headquartered firm taps former BlackRock managing director following an internal leadership shuffle.

Investors win lawsuit against Atlanta B-D over tax shelter investment, potentially a first
Investors win lawsuit against Atlanta B-D over tax shelter investment, potentially a first

InvestmentNews reported in 2017 that the IRS was scrutinizing the tax shelter land deals, called syndication conservation easements.

Pontera unveils non-discretionary advice tools in continued retirement platform buildout
Pontera unveils non-discretionary advice tools in continued retirement platform buildout

Advisors gain a second workflow for 401(k) guidance as the fintech expands beyond bulk rebalancing, backed by new policy research on advice access.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income