The Swiss bank doesn't seem to be winding down its broker recruiting efforts ahead of any rumored mergers. If anything, its efforts to lure top producers from its bulge bracket peers are stepping up.
UBS recently grabbed two California teams -- one from BofA Merrill with $183 million in AUM and the other from Jefferies with $150 million in AUM -- for its Beverly Hills and San Francisco offices, respectively.
At a known maximum signing bonus of 280% of trailing production, those two deals probably represent about $6.4 million in payouts for UBS.
The bank also picked up Jon Ramey from Morgan Stanley to run its Dayton, Ohio office.
You rarely hear about the wirehouses recruiting from the independent channel. It always goes the other direction -- which forces the UBS types of the world to grab talent from each other.
Odds are good we'll hear about Merrill and Jefferies and Morgan grabbing big brokers from UBS in the near future, too. Those millions of dollars change hands, but the only thing that changes is the color of the type on the business cards.