UBS acquires $2.6 million Beverly Hills team from Merrill Lynch

Two advisers who generated some $2.6 million in revenue at Bank of America Merrill Lynch have jumped to UBS Wealth Management Americas. The Grueninger Group of Mark Grueninger and Ben Sauer joined UBS' Beverly Hills, Calif., office on Rodeo Drive last week, the firm reported. Mr. Grueninger, who operates as a senior vice president, began his career at UBS as a trainee in 2001. He moved to Banc of America Investment services, which was later merged into Merrill Lynch, in 2003. Mr. Sauer has been in the industry for six years and began his career at Banc of America Investment Services. The two declined to disclose their assets under management, but it isn't unusual for revenue to represent about 1% of total assets under management. The two are joined by their client service associate, Mariam Aziz, and they report to managing director David Bigler.