Merrill Lynch Wealth Management has hired a $1 billion team from UBS Wealth Management.
Joseph Gabriele and Paul Vasady-Kovacs have joined the wirehouse’s Rockefeller Plaza office as the Gabriele VK Wealth Management team.
The team, which also includes Christian Martinez and Dana Shaker, who are not advisors, specializes in working with high-net-worth individuals, families and organizations.
The team was formerly with UBS under the name Gabriele Wealth Management.
Gabriele had been with UBS for 10 years. Prior to this, in 1979, he had set up a prominent brokerage business, specializing in municipal bonds, called, Gabriele, Hueglin & Cashman.
Vasady-Kovacs had been at UBS since 2007 and worked at RBC Dain Rauscher, rebranded to RBC Wealth Management in 2008, beforehand, according to Finra BrokerCheck.
Michael Simonds, Merrill Lynch market executive, said: ‘Joe and Paul run a tremendous, family-focused business for the ultra-high net worth. I am excited to welcome such an incredible team to the firm.’
It is the second $1 billion hire for Merrill this week, which also recruited JPMorgan Private Bank veteran Fernando Nicolau, who oversaw over $1 billion, as an international financial advisor for its Miami office.