UBS to Sell Small Branches?

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Mar 21, 2009 1:56 pm

Persistent rumor has it UBS is to announce the sale of branches that produce less than $10MM gross rev on Monday 03/23/09.  Details anyone?

Mar 21, 2009 2:04 pm

to whom?

Mar 21, 2009 2:18 pm

Possibly to Stifel Nicolaus.

Mar 21, 2009 2:20 pm

I heard that too.  I wonder what, if any, retention packagage the FAs will get.  I can't imagine it would be much of anything.  50% or less?

Mar 21, 2009 2:21 pm

I believe the brance needs 10 million in revenue to keep a producing manager.  Offices will not be sold but will not have a stand alone manager

Mar 21, 2009 3:13 pm

That's a very different rumor.  I never thought UBS was a fan of the producing BOM model before all the other stuff started anyway.  If they have less then $10 mil, perhaps management would be redirected to the nearest larger office?  Is that the implication? (or just my inference?)

Mar 21, 2009 3:56 pm

That will be great for you guys in smaller branches if the rumor to SF is true!

Mar 21, 2009 4:41 pm
cobra:

I heard that too.  I wonder what, if any, retention packagage the FAs will get.  I can't imagine it would be much of anything.  50% or less?



It's pathetic watching you wirehouse guys walk around with your hands out all the time....I mean really....   "Can I just have a bit more sir?"

Mar 21, 2009 9:39 pm

WTF?  Are you guys for real?  Why in the world would they do that?  And why is $10MM the bogey?  Our branch does less than $10MM, but there's no way we're being sold.

 
Who starts these rumors anyway? 
Mar 22, 2009 8:57 am

Get used to it.  You're being sold.  You have no choice in the matter.  You will take what you get and be happy with it. 

Mar 22, 2009 9:59 am

So, are they being sold or will just have no manager?  What percentage of the UBS offices do less than $10mm?

Mar 22, 2009 11:48 am

It looks like something is definately going on here. My manager just called me to let me know he got word yesterday AM that he had to be on a flight later tonight to a meeting.


He called around to others and there is some going on with Stifel, no sure what but like he said, they are not going to get us all on flights at the last minute for nothing.
 
I was told that offices under $10mm make up nearly 60% of UBS revenue in USA.
Mar 22, 2009 11:55 am
cppr33:

It looks like something is definately going on here. My manager just called me to let me know he got word yesterday AM that he had to be on a flight later tonight to a meeting.


He called around to others and there is some going on with Stifel, no sure what but like he said, they are not going to get us all on flights at the last minute for nothing.
 
I was told that offices under $10mm make up nearly 60% of UBS revenue in USA.
I wonder how many of those offices are legacy Piper Jaffrey offices?  If so, they could be a good fit for Stifel.
Mar 22, 2009 12:17 pm

I don't know. The only thing I know of Stifel is what I have seen here.

 
Mar 22, 2009 12:29 pm
cppr33:

I don't know. The only thing I know of Stifel is what I have seen here.

 



Are you at UBS now?


One thing I will say...when I joined SF in Jan when you log into the computer system as it would load it had a line that said 3500 clients meaning I guess 3500 brokers on the system? A fw weeks ago they did an update and now it shows that 5000 can be on the system. I assumed this was because of the influx of teh Butler Wick Brokers as well as the mass that was coming from AGE/Wachovia...but maybe there is more to it.....

Mar 22, 2009 12:34 pm

As good as Stifel was,  I sincerely doubt they have the infrastructure and human resources to execute this rapid growth spree they have been on.  They may pull it off, but their culture will change and guess what...probably selling out to a wirehouse down the road.


 
I like Hilliard Lyons.  They know how big they can be and still maintain their culture and have the discipline to execute it.  IMHO, Hilliard is the next Stifel. 
 
I know if our office is going to be sold to Stifel,  all of the FAs will go to Hilliard instead, if they will have us.
Mar 22, 2009 12:39 pm
cobra:

As good as Stifel was,  I sincerely doubt they have the infrastructure and human resources to execute this rapid growth spree they have been on.  They may pull it off, but their culture will change and guess what...probably selling out to a wirehouse down the road.

 
I like Hilliard Lyons.  They know how big they can be and still maintain their culture and have the discipline to execute it.  IMHO, Hilliard is the next Stifel. 
 
I know if our office is going to be sold to Stifel,  all of the FAs will go to Hilliard instead, if they will have us.



Good luck whatever ends up happening....you are at a wirehouse now, so why would you leave SF if aquired? You will be going to a much better culture than a wirehouse.

AGE had a great culture and we had almost 700 offices and 7000 brokers so it can be done.

Mar 22, 2009 12:39 pm

Yes I am with UBS now.  I am in their NFA program for newbies. I am a year into production so I am sure any retention paid would exclude someone like me.


I think I am going to look around.

Mar 22, 2009 12:40 pm
cppr33:

Yes I am with UBS now.  I am in their NFA program for newbies. I am a year into production so I am sure any retention paid would exclude someone like me.


I think I am going to look around.


Always good to keep your options open, you never know, Wachovia gave AGE trainees a retetntion so anything is possible.

Mar 22, 2009 12:45 pm

Anyone know about the Stifel platform for institutions?


What kind of retention did Wachovia pay to AGE for trainees?