Bank of America Adds UBS Wealth Management Team with $1.2 Billion in Assets
Bank of America’s Merrill Lynch has recruited a wealth management team from UBS, bringing John Vazquez and Manuel Monasterio along with four support staff to Santa Fe, New Mexico. The move includes approximately $1.2 billion in client assets and adds to recent advisor recruiting successes for the firm. Vazquez joined UBS’s North American wealth division in 1999 while Monasterio came aboard in 2008; both have extensive experience in financial services, with Vazquez starting his career at Dean Witter Reynolds. The team is expected to generate $4.7 million annually and will be based in Merrill's Desert Mountain Market under the leadership of Elaine Darnell. This acquisition highlights ongoing competition among wealth management firms for top talent amid advisor attrition challenges. UBS has also been experiencing net losses, though it recently secured advisory teams from rival institutions.
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Topics: Advisory Teams Bank of America UBS Wealth Management