UBS, the Swiss bank, has announced the addition of a new financial advisor team that manages a total of $700 million from Merrill Lynch. Led by advisors Maureen Keating, Michael DeCorleto, and Matthew Marques, the team also includes wealth management associate Matthew Mardirosian. Based in Hartford, Conn., the team specializes in serving high-net-worth individuals and families.
This significant move strengthens the longstanding relationship between UBS and Merrill Lynch, which dates back over 60 years. Maureen Keating’s father, Ed Keating, began his career as a financial advisor at Merrill Lynch, and Maureen Keating herself joined the company in 1991. Michael DeCorleto has been with Merrill Lynch since 2003, while Matthew Marques joined in 2006.
UBS previously scaled back its recruitment efforts in 2016 due to the high costs associated with hiring experienced advisors. However, in recent years, the bank has ramped up its efforts and successfully attracted several large teams from competing firms. In fact, just last month, UBS hired a father-son advisor team managing $780 million in client assets away from Merrill Lynch. Additionally, UBS acquired two advisor teams from Bernstein Private Wealth Management, collectively managing $1.7 billion in assets.