UBS Grabs Schoff Team from Smith Barney

For the second time in about two weeks, UBS said it has lured away a Smith Barney advisory group.

UBS said Monday it had named William L. Schoff, a 24-year financial services veteran, as a managing director. In the latest move, UBS will support corporate clients and provide wealth management and education to employees involved in company stock plans.

The Schoff Group’s 10 team members, including five financial advisers who also provide wealth management and corporate services, join him in the move from Citigroup, where Schoff was a managing director and a senior adviser in the Citi Family Office, according to a UBS announcement.

Citigroup and Morgan Stanley agreed in January to form a joint venture and make the largest brokerage in the world with 20,000 financial advisers and $1.7 trillion in client assets (see “Morgan Stanley Smith Barney Is Born’).

“I am excited about joining UBS, which I have respected as a competitor for years,” Schoff said, in the announcement. “UBS has a strong balance sheet, a sophisticated wealth management offering for affluent clients, and a robust platform for corporate clients. It is the only firm in the marketplace that delivers in all three areas.”

The announcement said the Schoff Group’s service includes an education program for executives and employees covering financial planning, retirement planning, stock options and more.

UBS announced in late February that it had named Smith Barney veteran Robert J. Callanan, Jr. as a managing director.

Joining the firm with Callanan was a team of six members who specialize in executive and management equity compensation plans that provide awards to senior corporate managers (see “Callanan to Lead UBS Equity Compensation Group’).