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UBS recruits 15 HSBC Miami advisors, gains $4bn in assets

UBS recruits 15 HSBC Miami advisors, gains $4bn in assets

UBS Wealth Management Americas has recruited 15 of HSBC's 20 Miami-based private bankers, concluding a agreement the Swiss and UK groups had agreed to back in September.

In an attempt to refocus its US offshore unit, HSBC said it was transferring its client book from Central America and the Andean region, excluding Chile, to UBS. As part of the deal up to 20 of its private bankers, which managed close to $5.6 billion, would be offered roles at the Swiss firm's Miami office.

According to sources familiar with the matter, 15 private bankers have since joined UBS and are anticipated to bring over $4 billion in assets under management with them.

The source added that one private banker decided to leave the industry while the remainder went to other firms.

Over the past 18 months, UBS Wealth Management Americas has slowed down recruitment efforts as it turned its attention to improving efficiency and the performance of its leading financial advisors.

UBS is the latest firm to benefit from global rivals pulling out of the US offshore space.   

In October 2015, Credit Suisse closed its private bank in the US, handing over this business to Wells Fargo, and two months later transferred its Latin American business to Morgan Stanley.

RBC Wealth Management also transferred its non-resident clients to Northern Trust when it exited the US offshore industry in early 2015.

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