UBS notched several new hires, including a new assistant market head for Northern California and an advisor team that oversaw nearly $200 million in client assets.
Arnoldo Santiago, an industry veteran of 22 years, joined UBS from Bank of America Merrill Lynch. In Santiago’s new role, he’ll oversee UBS operations in San Francisco, according to an internal company memo seen by On Wall Street.
In a statement, Santiago pointed to UBS executives Jennifer Povlitz, West division director, and Erin Borger, Northern California market head, for “ supporting leaders with their careers” as motivation for making the career move. Combined with the the UBS franchise, “it was really an easy decision to make,” he said in a statement.
While at Merrill, Santiago oversaw $76 million in client assets, according to a person familiar with the matter.
Santiago had been with Merrill since 2007, according to FINRA BrokerCheck records, and previously worked at Smith Barney.
Billion-dollar teams are voting with their feet. Here’s where they are going.
In Scottsdale, Arizona, UBS hired a duo that oversaw nearly $200 million in client assets and generated $1.1 million in production.
Jennifer Lucovich, a financial advisor, and Jerrod Logan, senior wealth strategy associate, joined the wirehouse from BMO Harris. Lucovich has 16 years of experience in the industry, according to BrokerCheck.
The three advisors are on trend in switching firms during the ongoing coronavirus pandemic — a reversal of the initial slowdown that occurred earlier this year when the outbreak began.
