Top Local Smith Barney Brokers Defect To UBS In US

Nick Parmee

3 February 2009

Twelve financial advisors from Citi-owned brokerage Smith Barney, comprising two top local teams, have joined the Minneapolis and Wayzata offices of UBS, according to local media.

Les Brunker and his team members Neil Knutson and Caleb Quenzer joined the Minneapolis office; a nine-person team led by Paul Koch and Derek Cherne has moved to the Wayzata office.

Citi agreed last month to spin off its Smith Barney business to Morgan Stanley, which will renamed it as Morgan Stanley Smith Barney, creating a brokerage global powerhouse with about 22,000 brokers.