UBS hires three Credit Suisse teams with $3.2B in assets

UBS Private Wealth Management picked up three Houston teams that manage approximately $3.2 billion in total client assets. The three teams, formerly of Credit Suisse, were hired by UBS on Monday, according to company spokesman Gregg Rosenberg. They all specialize in ultra-high net worth and family office clients. Credit Suisse and Wells Fargo & Co. struck a deal last month in which Wells would recruit 250 advisers from Credit Suisse's U.S. private bank. Mike Hood and Mike Green, who manage $868 million in assets and produce $3.4 million in annual revenue, joined UBS private wealth management as senior vice presidents. (See who else has joined UBS) Mr. Hood and Mr. Green each spent 12 years at Credit Suisse before moving to UBS, according to BrokerCheck records. The second team, consisting of advisers Langston Turner, Frank Hogan and Daryl Allen, have $1.4 billion in assets under management and generate $9.5 million in annual revenue. The three will also serve as senior vice presidents. Mr. Turner previously worked for Invesco, AT Investor Services, Goldman Sachs and Smith Barney. Before joining Credit Suisse in 2010, Mr. Hogan spent six years at Goldman Sachs. Mr. Allen had only been in the industry for three years before making the move to UBS, according to records with the Financial Industry Regulatory Authority Inc. Advisers Will Huthnance and Christopher Black manage a combined $888 million in client assets and generate $11.6 million in annual revenue, are joining as managing directors of private wealth management. Mr. Huthnance joined Credit Suisse after nine years at Morgan Stanley, and Mr. Black is a 24-year industry veteran who has worked at various firms including Morgan Stanley and Royal Alliance Associates, according to BrokerCheck. All three teams will report to Raymond DiNunzio, managing director at UBS Private Wealth Management, and will continue working out of Houston. An earlier version of this story incorrectly stated that UBS sold its U.S. private bank to Wells Fargo last month.