UBS signs up advisers with $870 million AUM from Merrill Lynch

After picking up a $2 billion Morgan Stanley team earlier this month, UBS Wealth Management Americas maintained its recruiting momentum by signing four advisers managing some $870 million from rival wirehouse Bank of America Merrill Lynch. The group, which includes a team of three, Kirk Ruth, Jeff Hogue and Jeff Rizzo, along with a fourth solo adviser, Michael Carr, previously brought in almost $4.6 million in annual revenue for Merrill Lynch. They form a new UBS office in Gainesville, Fla., coming on board August 20, according to UBS spokesman Gregg Rosenberg. (More: UBS scores $2 billion Morgan Stanley team) Mr. Carr began his career with Merrill Lynch in 1997, according to registration records with the Financial Industry Regulatory Authority Inc. Mr. Ruth had been with Merrill Lynch since 1995 and Mr. Hogue since 2000. Mr. Rizzo joined Merrill Lynch in 2013, according to registration records. A spokeswoman for Bank of America Merrill Lynch, Susan Atran, was not able to provide immediate comment. UBS reported declining headcount in the second quarter of this year with 6,948 advisers, down from 7,119 at the same time last year. But the firm has announced several significant hires, including another $330 million adviser, Gary Amaral, from Merrill Lynch in the third quarter. Bank of America Merrill Lynch had around 14,370 advisers according to its latest quarterly report.