UBS Expands Mid-Atlantic Footprint with 18-Person Advisor Team
UBS Wealth Management USA has added an 18-member advisory team comprised of many Merrill Lynch veterans, TCG & Associates, joining the firm’s Mid Atlantic wealth management market. The announcement comes as UBS increases its footprint in the region with the opening of a new office in Columbia, SC.
The TCG & Associates team managed $2.6 billion in assets and generated $13 million in annual revenue at Merrill Lynch, according to a Forbes ranking. The team includes Michael Velasco Sr., Ladd Lumpkin, Larry “Shufy” Rowe, John McCabe, Brent Roof, Thomas Caskey, William Velasco Jr., and Paula Sabbagha.
Katherine Schuba, market director of the Greenville branch office, will lead the territory for the Columbia office. They report to Ellen M. Pierce, the Mid-Atlantic market director. This expansion follows the arrival of financial advisor Jason Mayer at the end of August. Mayer works in Charlotte, NC, and reports to market director Ronald Fleischman.
“We believe we have the strongest platform for Financial Advisors, and with our suite of high-net-worth capabilities, these talented professionals will be able to deliver the full power of UBS to their clients. We are thrilled to welcome them to the team,” said Pierce.
Despite internal cost-cutting efforts implemented over the previous year, this move is part of UBS’ continued aim to strengthen new assets through recruiting. It also follows a slew of Merrill Lynch recruits in recent months as UBS strengthens its foothold in the wealth management business.
