By Andrew Welsch
UBS recruited a former Merrill Lynch team that managed approximately $1.3 billion in client assets, according to the Swiss bank.
The Hart Group, a four-person advisor team, has joined UBS in Albany, N.Y. It includes advisors James Hart, Emily Hoag, Natalie Squillace, and Nolan Hart. The advisors specialize in serving athletes and entertainers, according to UBS.
“Athletes and entertainers frequently face unique challenges such as sudden wealth and complicated family financial dynamics that require specialized advice and guidance,” said Wale Ogunleye, a former NFL player who now heads UBS’s Athletes & Entertainers Client Segment. “We are excited to have Jim and the Hart Group join UBS to expand our capabilities and help meet growing demand from this important client group.”
James Hart has nearly 40 years of experience in the industry, according to BrokerCheck, a public database maintained by industry self-regulatory organization Finra. He began his career at E.F. Hutton in 1986 and later did stints at Lehman Brothers and Morgan Stanley before joining Merrill Lynch in 2010.
Hoag began her financial services career at Merrill in 2017. Squillace joined Merrill in 2022. She previously worked at Fidelity, according to BrokerCheck.
Nolan Hart had the shortest stint at Merrill, having only joined the firm in September. He previously worked at 2kPAID, a company that helps student athletes monetize their name, image, and likeness.
A Merrill Lynch spokeswoman declined to comment on their departure. UBS has recently picked up several large former Merrill Lynch teams. In Chicago, it hired a seasoned advisor team that managed $1.6 billion in client assets. And in New York, it added an ex-Merrill team that oversaw $2 billion.
Write to Andrew Welsch at andrew.welsch@barrons.com