Morgan Stanley Smith Barney has recently hired a team from UBS Wealth Management Americas, On Wall Street reports.

According to the publication, a firm’s spokesperson confirmed that John Rizzo, Art Martin and his son Wade Martin joined the company’s office in Lawrenceville, New Jersey. The team will report to branch manager Bob Beylickjian, who reportedly managed $350 million in client assets.

A UBS spokesperson reportedly confirmed the team had left the firm.

In another recent development, in June this year Morgan Stanley revealed its plans to hire about 150 private banking personnel in North Carolina alone. Meanwhile, the bank set on a hiring spree in an attempt to recruit around 50 private bankers for the Charlotte-based operation.