A billion-dollar UBS Wealth Management USA broker has returned to his roots at Morgan Stanley Private Wealth Management in Miami. 

Steve E. Gold, who leads The Gold Wealth Management group, had generated around $8 million in revenue, according to Michael King, an industry recruiter who represented him in the move. The team, which moved on Thursday, includes advisor Thomas C. Duggan and support staff Danisbel Conesa and Kierstyn Abreu.

Gold, who started his career at Morgan Stanley in 2000 and joined UBS five years later, was wooed back to his alma mater by local management, including Miami Market Executive Kevin McCarty and branch manager Dalia Botero. 

The 47-year-old preferred to stay at an employee-channel firm rather than launch an RIA and turned down higher-paying offers, King said. 

“He wanted stability, a seamless experience moving clients and product availability,” King said. 

King declined to comment on specific offers from Morgan Stanley. A spokesperson for UBS declined to comment. 

UBS pushed the market higher earlier this year with a 550% offer that included a 16-year term and was aimed at teams with at least $7 million in revenue. A source close to the firm said at the time that it was responding to competitor offers that had extended to 500% of trailing-12 revenue.

Wells Fargo and Ameriprise had been among the firms that Gold considered, King said. Neither Gold nor Duggan, who started at Morgan Stanley in 2013 and joined UBS the following year, immediately returned a request for comment. 

UBS for its part has said attrition will subside as recruiting picks up this year. It also earlier this month lost a team overseeing $3.5 billion in assets that left to start an RIA. Meanwhile, the wirehouse hired an institutional-focused billion-dollar advisor from Glenmede Investment Management.  

The Swiss-owned brokerage has also been building out its field leadership from rival firms. In May, it hired market managers from Morgan Stanley and Wells. 

Last month, UBS also hired veteran J.P. Morgan Advisors manager Ricardo S. Penafiel in Florida and Jeremy J. Autry from Morgan Stanley to be a market director in New York City.

-Mason Braswell contributed to this story.  

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