UBS Wealth Management USA has promoted a veteran complex manager in Boston to lead an 11-office “Greater New England” complex it has created as part of its field reorganization.
James E. Ducey, a 35-year industry veteran who joined UBS from Smith Barney in 2009, had been in charge of four offices in the firm’s greater Boston complex. He now adds seven branches with 100 people in Maine (Portland), New Hampshire (Concord, Manchester and Portsmouth) and Vermont (Burlington and Rutland), UBS said in a press release.
The complex includes 470 staff and $50 billion in assets under management, according to the announcement.
Ducey gained notoriety in October when Christine Carona, a former top broker in Boston, won a $1.5 million arbitration award after accusing her manager of using offensive language and gender discrimination. The firm said at the time that it disagreed with the decision.
“The fact that I’m still here and have a larger role might say something about what transpired,” Ducey said.
UBS has also shifted some smaller branches in Maine, New Hampshire and Vermont into a new Northern New England complex. They are managed by Joseph A. “Jad” Dieterle III, a 29-year industry veteran who had managed the firm’s Portland branch.
UBS in December halved its sales structure in the U.S. to three divisions, a move it said would give its approximately 6,000 advisors more direct access to managers.
In addition to promoting Ducey and Dieterle, UBS has shifted Clare Kiesel from managing a branch in Wellesley, Mass. to run its Silicon Valley complex in California.
As part of their remit, UBS branch and complex managers are once again being asked to fill empty desks through recruiting. In addition to selective hiring of experienced advisors from direct competitors, they have been onboarding relatively junior advisors, some of whom are coming from private banks and discount brokerage firms.
Kevin Snead, a Columbus, Ohio-area broker who had been working at J.P. Morgan Chase’s private bank for the past year with clients who have a minimum of $5 million in client assets, joined UBS in recent days, he confirmed.
He joined a two-advisor team in New Albany, an office that lost six veteran advisors last fall to Morgan Stanley. UBS has filed an arbitration claim against the office’s former producing branch manager and two of the brokers, along with Morgan Stanley.
Snead, whose move is not yet recorded on his BrokerCheck record, has been a registered rep for four years—including a previous nine-month stint with UBS as a wealth planning analyst, a position that UBS phased out but revived in December.
Ducey began his career as a client associate, and managed UBS’s 200 Park Avenue complex in New York before moving to Boston, according to his company biography. He first registered as a securities rep in 1984 with Merrill Lynch, and also worked at E.F. Hutton, Prudential Securities and Lehman Brothers/Smith Barney, according to BrokerCheck.
Dieterle joined UBS in 2003, and was a branch manager in Bethesda, Maryland, and Columbus, Ohio, before shifting north. He also was head of “field integration” for the midwestern Piper Jaffray retail branches that UBS bought in 2006, according to his corporate biography.
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