Wells Fargo Recruits Brokers From Rival UBS --Street Moves

   By Corrie Driebusch 
 

Wells Fargo & Co. (WFC) has recruited four brokers from rival UBS AG (UBS, UBSN.VX), according to a spokeswoman for the firm.

Wells Fargo Advisors hired Mark Pignotti, who is based in Chicago and who joined from UBS July 1, according to his new firm. While at UBS, he managed more than $317 million in client assets and an annual revenue production of $1.1 million, according to Wells Fargo.

Timothy Colvin, Jeffery Bedford and Gregory Taylor joined Wells Fargo Advisors Financial Network, or FiNet, an independent brokerage arm of the bank. They started up on July 2 in Kingsport, Tenn., calling their firm Center Street Wealth Management.

They had spent more than a decade at UBS, according to regulatory filings. At the time they left, they managed $326 million in client assets and generated $2.1 million in fees and commissions annually, according to a Wells Fargo spokeswoman.

A spokesman for UBS confirmed the departures but declined to comment further.

(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.)

Write to Corrie Driebusch at [e-mail]

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