Kenneth Correa, who headed UBS’ Metropolitan Market, which includes its wealth management branches in New York and Bergen County, N.J., has joined Merrill Lynch as a market executive, sources at both firms tell AdvisorHub.
In his previous role, Correa was managing 140 financial advisors overseeing $25 billion, according to the industry news website.
Correa and UBS didn’t respond to AdvisorHub’s requests for comment but a Merrill Lynch spokesman confirmed that Correa is joining the wirehouse after a garden leave, the website writes.
Correa began his wealth management career at UBS as an investment associate two decades ago, according to AdvisorHub.
In addition to losing a field manager to Merrill Lynch, UBS also lost two brokers in recent weeks, AdvisorHub writes.
In Henderson, Nev., Michael Hood left UBS for Wells Fargo Advisors, according to the website. He previously generated around $700,000 in annual revenue at UBS, which he had joined in 2011 after a four-year stint at Morgan Stanley, AdvisorHub writes.
UBS also lost Richard Hagerty to Ameriprise in Red Bank, N.J., according to the website.
Hagerty oversaw $44.6 million, an Ameriprise spokeswoman tells AdvisorHub.