UBS continues to bolster its management ranks by grabbing talent from its rivals; most notably from Morgan Stanley. After executing their legal obligation that is ‘garden leave’ the former Morgan Stanley managers could finally be announced.
As per internal communications that were passed to us earlier today:
”I am excited to announce that Mitch Markley will be joining our UBS West Division team as the Rockies Market Head following his garden leave with Morgan Stanley.”
“Mitch Markley has been in the Wealth Management industry for 15 years serving roles in both Leadership and as an Advisor. In 2011 after 7 years as a Financial Advisor with Morgan Stanley in Denver Mitch transitioned to be the Business Development Manager for Colorado, Utah and New Mexico. In 2015, he was promoted to Branch Manager in La Jolla, California. During his tenure in California Mitch built out the Private Wealth Management and Graystone Consulting businesses in the San Diego market. In 2018 Mitch’s responsibilities expanded to include all North San Diego county for Morgan Stanley.”
“Mitch is a proud native of Colorado. He was born in Greeley, attended High School in Arvada and received his degree from the University of Colorado at Boulder.”
And the second hire was celebrated in much the same way:
”I am excited to announce that Justin Frame will be joining our UBS West Division leadership team as the Los Angeles-Orange County Market Head following his garden leave with Morgan Stanley.”
“Justin Frame is a seasoned veteran in the Wealth Management Business with 25 years at Morgan Stanley. He began his career as a financial advisor, and as a CFP he developed his practice through comprehensive high net worth planning. After 12 years of club level success as an advisor he transitioned into leadership in branch manager roles throughout Colorado. In 2009, Justin took on a regional role as COO across 7 mountain states. A promotion to Complex Manager brought him to California in 2011 where he ran West Los Angeles. For the last several years Justin has led in Orange County, most recently the largest Morgan Stanley Branch on the West Coast out of Irvine. Justin knows that people are the life blood of our business and was recognized by On Wall Street as a top 75 manager nationwide in 2017 and 2018.”
“Justin graduated from the University of Arizona. Justin is active in the community serving on several boards, and is currently board chair for Working Wardrobes in Orange County. Justin embodies humble leadership and is excited to build relationships at UBS and spring boarding his experience to lead growth.”
UBS has renewed its recruiting push and remains aggressive with elite teams, specific to its chief wirehouse rivals. In a short conversation with a manager on the west coast the vibe was “…steady as she goes… no changes have been announced based on either market volatility or the coronavirus stuff.”
Hiring managers from rivals is usually intended to, in the short term, grease the skids to land big teams from the offices they’ve vacated. Let’s see if that proves effective for UBS in California and Colorado.