Merrill Lynch on Thursday reeled in a team managing $460 million in assets at UBS Wealth Management USA in Tennessee, according to a spokesperson for the hiring firm.<\/p>\n
Peter Y. Choy joined Merrill in Nashville with support staff Holly Adams, Weston Zierer and Katie Malecky, according to the spokesperson. Choy, who a source close to the hiring firm said produced $4.3 million in annual revenue, reports to Volunteer State Market Executive Tyson Moore.\u00a0<\/p>\n
Choy started his career with Morgan Stanley in 2001, moved to Merrill the following year, joined Smith Barney in 2008 and then UBS in 2015, according to BrokerCheck. He did not respond to a request for comment sent through social media.<\/p>\n
A UBS spokesperson declined to comment. Attrition from the Swiss-owned brokerage has increased over the past year following compensation changes and cost cutting initiatives.<\/p>\n
This month, teams with at least a billion under management left to join Morgan Stanley<\/a> and launch an RIA<\/a>. Merrill in April landed a private wealth UBS team that managed $645 million<\/a> in assets in Miami.\u00a0<\/p>\n Both UBS and Merrill have been shuffling field leaders as they look to bolster recruiting.\u00a0 Last month, UBS hired veteran J.P. Morgan Advisors manager Ricardo S. Penafiel<\/a> to oversee a newly created South Florida market.\u00a0<\/p>\n Merrill last week added a veteran Morgan Stanley manager<\/a> to help oversee branches in Connecticut, western Massachusetts and portions of New York.\u00a0<\/p>\n