UBS PaineWebber recently lured six more high-producing reps into its fold, offering further evidence that the firm is engaged in one of the Street’s most vigorous recruiting campaigns.
Scott Holstead, formerly of Goldman Sachs, Ty Solsbery and Mark Elias, formerly of Morgan Stanley, and John Scott Pappas, a former Merrill Lynch rep, joined the firm’s Houston office. Ed Marx and Jody Frank, both coming from Oppenheimer’s private client division, joined UBS in Manhattan.
All have strong reputations, according to sources, and according to the NASD’s CRD database, all six were hired in late January. UBS officials did not return calls seeking comment.
With broker/dealer revenues down, recruiters say firms are going after big producers, selectively looking to boost average production numbers in specific areas. The talk among managers and recruiters has been that UBS has become one of the most aggressive on the Street, along with Salomon Smith Barney. "They are perceived as stable full-service organizations right now," says one recruiter.
In November, Registered Rep. reported that UBS chairman Joseph Grano announced the firm’s intention to hire up to 500 brokers during 2003. It’s a lofty goal say some recruiters, but not unattainable. "They’re making a big push right now," says another recruiter.
As of the third quarter 2002, the firm had 8,600 financial advisors.