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

Texas man says SEC and fund could make him pay twice
Texas man says SEC and fund could make him pay twice

A $141M judgment and a federal asset freeze collide over one shrinking pool

Osaic executives Kristy Britt and Greg Cornick to leave
Osaic executives Kristy Britt and Greg Cornick to leave

The firm's CFO and EVP of Wealth Management Solutions are the latest executives to exit the broker-dealer.

Estate planning becomes a client retention issue for financial advisors, survey finds
Estate planning becomes a client retention issue for financial advisors, survey finds

Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.

Candidly adds AI agents for Trump Accounts, workplace benefits
Candidly adds AI agents for Trump Accounts, workplace benefits

CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.

BMO adds three advisors in Dallas amid Y'all Street wealth boom
BMO adds three advisors in Dallas amid Y'all Street wealth boom

The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.

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

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.