UPDATE 1-UBS poaches Morgan Stanley, Merrill broker

* UBS hires 7 brokers from Morgan Stanley in Paramus, NJ

* UBS adds duo from Merrill Lynch in White Plains, NY

* New hires had combined $6.4 mln of production

(Adds Morgan Stanley comment, another UBS hire)

By Joseph A. Giannone

NEW YORK, May 14 (BestGrowthStock) – UBS Wealth Management
Americas, which suffered a wave of departures last year, has
landed nine brokers with more than $6 million in combined
annual fees and commissions from rivals Morgan Stanley Smith
Barney and Bank of America Corp’s (BAC.N: ) Merrill Lynch.

On Wednesday, UBS (UBSN.VX: ) hired Douglas Johnson and Daniel Legan for its Indian Wells, California, office from Morgan
Stanley. The duo managed $380 million in assets and had
production of $1.3 million in the previous 12 months.

Last week, Thomas Bishop, Ronald Cole and Devin Darcangelo
joined UBS’ Paramus, New Jersey, office from Morgan Stanley
Smith Barney. UBS said the team had $2.9 million in combined
annual production and managed $191 million in assets.

Bishop, Cole, and Darcangelo worked at Morgan Stanley for
five years. Morgan Stanley (MS.N: ) (Read more about the money market today. ) acquired Smith Barney last
June to create the nation’s largest brokerage.

Last Monday, UBS also added two Merrill Lynch brokers to
the Paramus office: Daniel Smith, with eight years at the firm,
and Paul Platek, a 10-year veteran. The team generated $1.2
million in fees and commissions and managed $175 million in
assets.

Merrill was acquired by Bank of America in January 2009.

UBS also said it hired son and father team Steven and
Leonard Solomon in its White Plains, New York, office from
Morgan Stanley Smith Barney. The duo, both 16-year veterans at
Citigroup Inc (C.N: ), had $1 million in annual production and
$308 million in assets.

A Morgan Stanley spokeswoman confirmed all the departures,
but said production for the Paramus team was “grossly
exaggerated” by UBS.

Merrill confirmed the Smith and Platek departures.

New UBS group chief Oswald Gruebel reined in the bank’s
recruiting efforts last year after previous management paid top
dollar to lure some 1,300 brokers. U.S. brokerage chief Robert
McCann, hired last fall to revive the unit, told analysts this
week the firm had resumed hiring.

Investment

(Reporting by Joseph A. Giannone; editing by Andre Grenon)

UPDATE 1-UBS poaches Morgan Stanley, Merrill broker