UBS Advisers With $3.5 Million in Production Depart for Wells--Street Moves

   By Michael Wursthorn 
 

Three financial advisers have left UBS Wealth Management Americas for Wells Fargo Advisors in the Midwest.

The team, Madison Street Financial Group, oversaw more than $463 million in assets and generated $3.5 million in fees and commissions for UBS AG's U.S.-based wealth-management arm, with a focus on corporate retirement plans and high-net-worth families.

Now, they will look to move those assets to Wells Fargo, where the team has agreed to work out of two locations: one in Chicago and the other in Chesterton, Ind.

The team's heads, James Percifield and David Heeren, will work in Chesterton and Chicago, respectively. The pair, who were each named managing directors of investments, are joined by Brad Harber, vice president of investments. Mr. Harber will be based in Chesterton. The trio's assistants are also joining Wells Fargo to round out the group.

The team's split location is a "unique arrangement" that accommodates their commutes, a Wells Fargo spokeswoman said. Previously, the Indiana-based members commuted to Chicago. Wells Fargo cited the team's ability to work from two locations as one of the contributing factors behind the move.

A UBS spokesman didn't immediately respond to a request for comment.

Mr. Percifield, a 23-year industry veteran, worked at Merrill Lynch prior to joining UBS in 2008. Mr. Heeren, who has 35 years of experience, had been at UBS since 2005. He previously had stints at Smith Barney Inc. and Lehman Brothers Inc., among other firms.

Mr. Harber, meanwhile, had been at UBS since 2008. Prior to that, he worked at Merrill Lynch for three years beginning in 2005.

(Street Moves chronicles the migration of executives on Wall Street, with a particular emphasis on financial advisers with more than $1 million in annual production and those who manage more than $100 million in client assets. Michael Wursthorn can be reached at 212-416-2218 or at [e-mail].)

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