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UBS Poaches $2B Private Wealth Team from Morgan Stanley

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UBS Private Wealth Management has recruited a four-person advisor team in Newport Beach, Calif. with about $2 billion in client assets from Morgan Stanley. The team, led by father and son advisors Steven and Christopher Weber, serves family office clients and private foundations.

Steven joins after 24 years at Morgan Stanley Private Wealth Management; his son, Christopher, spent about nine years at Morgan Stanley. Steven’s other son, Brian Weber, is also joining as senior wealth strategy associate. Team Administrator Krista Maloney will join them as well. 

Jim Kottoor, Newport Beach Complex Director at UBS Wealth Management, says the addition will expand the wirehouse’s presence in the Orange County area.

UBS has had some significant recruiting wins this year. In April, the wirehouse added two teams of advisors in Miami, including a trio of female advisors from Wells Fargo Private Bank who managed $1.8 billion in assets and a six-person team from J.P. Morgan Private Bank with $5 billion in AUM. In March, the firm poached a Kenwood, Ohio–based four-person team with more than $750 million in assets under management from Merrill Lynch.