NEW YORK, July 30 (Reuters) - UBS AG’s Wealth Management Americas unit, which earlier this week reported its adviser force shrank for the fourth straight quarter, said on Thursday it hired three advisers with about $400 million in assets away from rival Morgan Stanley.
Frank Coiro, Larry Glickstein and Brian Frey joined UBS in Manhattan. At Morgan Stanley, the advisers had generated $2.7 million over the last year in fees and commissions, according to UBS.
Coiro, who leads the group, specializes in investment management and asset allocation for ultra-wealthy and institutional clients.
On Monday, UBS Wealth Management Americas reported it had 6,948 financial advisers as of June 30, down from 6,982 at the end of March and more than 7,100 a year earlier.
Morgan Stanley did not immediately respond to a request for comment. (Reporting by Elizabeth Dilts; Editing by Lisa Von Ahn)