Merrill Lynch Adds $1.2B in Assets from UBS

Bank of America’s Merrill Lynch division has added $1.2 billion in client assets by recruiting a two-advisor team from UBS in Santa Fe, New Mexico. The move involves John Vazquez and Manuel Monasterio, who left the Swiss bank along with four support staff to join Merrill’s Desert Mountain Market.

This acquisition brings the total assets under management from recent hires to $1.8 billion, following earlier additions from Morgan Stanley, Truist, and Wells Fargo. The firm is actively countering significant advisor outflows, which Wolfe Research data shows totaled 552 net losses through August 13.

Revenue and leadership structure

The newly acquired team was generating approximately $4.7 million in annual revenue prior to the transfer. Vazquez has been with UBS since 1999, while Monasterio joined the firm in 2008. Both advisors will now report to Market Executive Elaine Darnell, who oversees the Desert Mountain Market region.

Competitive advisor churn dynamics

UBS is also experiencing notable attrition, ranking sixth for net advisor losses with 190 departures this year. The bank recently reversed this trend by attracting three advisory teams managing $2.6 billion from Merrill Lynch and Morgan Stanley. This back-and-forth movement highlights the intense competition for high-producing wealth management professionals across major US institutions.

Industry recruiting pressure

Merrill Lynch’s aggressive hiring strategy reflects broader industry pressures to stabilize advisor bases. With Wolfe Research data indicating high net losses for the firm, securing experienced teams with substantial asset bases becomes critical for maintaining revenue stability. The reported move was first detailed by AdvisorHub, confirming the transfer of the Vazquez and Monasterio practice.