UBS AG has hired two more advisers from Morgan Stanley Smith Barney.
A UBS representative said that Paul Gilman and Marshall Hagen joined the company's wealth management Americas office in New York. They had spent three and a half years at Morgan Stanley Smith Barney and, before that, six years at Merrill Lynch. Together, they oversaw $296 million in client assets and generated up to $2.6 million in annual fees and commissions.
This hiring, along with a handful of others recently, goes somewhat against a longer trend as UBS has been under pressure in the face of massive defections in recent months.
It has said that it will focus on key areas in the major markets and not try to blanket the country with a massive adviser force.