Merrill adds $1.2B UBS team in Santa Fe; Glassel and Fox to join &Partners

Merrill added a $1.2 billion UBS advisory team in Santa Fe led by John Vazquez and Manuel Monasterio. The group produced about $4.7 million in revenue, according to AdvisorHub.

The hire extended a week in which Merrill said advisors overseeing $1.8 billion joined from Morgan Stanley, Truist and Wells Fargo. Against that three-firm figure, the single Santa Fe team carries about two-thirds as much in client assets, and it arrived from a fourth firm.

Revenue of about $4.7 million against $1.2 billion in client assets works out to roughly 39 basis points. The advisors from Morgan Stanley, Truist and Wells Fargo came with assets but no revenue figure, so the two disclosures can be compared on size but not on yield.

Former UBS leaders Glassel and Fox are to join &Partners, where they will co-lead the St. Louis hybrid broker/dealer's ultra-high-net-worth and private wealth businesses. Set beside the Merrill hire, the two items have UBS on the giving side twice in the same stretch of coverage: a producing team to a wirehouse competitor and two former leaders to a hybrid broker/dealer.

Captrust added a $3 billion team from Truist, and Chris Hoge said an equity stake is part of the deal. Just over 68% of Captrust's more than 2,000 employees hold a stake, which suggests ownership is part of how the firm pays for recruited teams rather than cash alone.

HighWater Wealth's $2.4 billion exit from U.S. Bank leads a set of five team moves totaling $8.66 billion in client assets. LPL Financial took two of the five, and HighWater alone accounts for about 28% of the total.

LPL Financial recorded 123 tracked events in PWD's 30-day advisor-move count, ahead of UBS at 92 and Kestra Private Wealth Services at 69.