UBS hired away one of Merrill Lynch's largest producers in Arizona, Kenneth Fruehauf. Based in Scottsdale, Fruehauf had worked for Merrill since December 1992 and had brought his assets under management up to $255 million, with a $2.8 million production number. He instantly becomes one of UBS' top 10 producers. UBS also hired a team from Credit Suisse First Boston, Jordan Black and Diane Skerl, to work at the firm's office at 1285 Sixth Avenue in Manhattan. Black had been with CSFB and its predecessors since 1997, while Skerl had worked there since 1989. The firm also hired Thomas Mahoney, a large producer based in Century City, in Los Angeles. He had been with UBS since 1994.
Meanwhile, Merrill Lynch has done some hiring of its own. Clark Durham, a top producer at Credit Suisse First Boston in Dallas, moved to Merrill as of Aug. 27, according to the NASD database. He had been with CSFB since 1987 and reportedly produced more than $3 million a year. The firm also hired Tom Drake, reportedly a $5 million producer, who moved from Sanford Bernstein to Merrill in Chicago. He had been with Bernstein since 2000.
Iowa-based ING Financial Partners has notched Eric Rubin as its vice president of business and strategic development. Rubin's position is a new one for the broker/dealer, which is less than a year old. Rubin comes from Mercantile Investment and Wealth Management, where he had similar responsibilities.
Placemark Investments has added three brand new vice presidents of sales from other firms to promote their unified managed accounts business. Charles Anderson, formerly of Harris Bretall Sullivan & Smith in Dallas, is in charge of the firm's central U.S. business; Scott Enger, formerly vice president of Alliance Capital, takes over the northwestern U.S. section; and Dru Ashcraft, coming over from Federated Investors in Salt Lake City, takes care of the southwestern U.S.
James Mullery, formerly senior vice president and director of sales for Fred Alger & Co., has been named the new chief sales officer of AXA Distributors, a division of AXA Financial. He is responsible for the company's annuity and mutual fund business and will report directly to Jerry Hampton, AXA's executive vice president. Mullery previously put in stints at UBS, Prudential, Lord Abbett and Smith Barney during his 17 years in the industry.