Another big recruiting victory for the Swiss. Two Ohio advisors with nearly 50 years of tenure at Merrill Lynch have defected to UBS, putting their $260 million in AUM in play.
Tom Ulrich had been with Merrill Lynch for his entire 34-year career, getting his securities license at the firm back in 1977. Junior partner Nick Bryant started his career at Merrill in January 2001.
Between them they managed $260 million out of their Akron, Ohio office, taking in $1.6 million in annual production.
As usual, no motive for the move has been made public, but we'll be watching to see whether Merrill manages to replace them fast -- and if so, what kind of advisors they find.
In terms of scale, $260 million represents a healthy book in terms of scale by nearly anyone's standard. But for a book that big, Ulrich and Bryant's production seems a little low on the wirehouse scale.