(Bloomberg) -- UBS Group AG is withdrawing from an industry pact designed to allow financial advisers to change companies without being sued by former employers, further destabilizing the accord after Morgan Stanley’s October exit.
The Zurich-based firm will no longer adhere to the Protocol for Broker Recruiting as of Dec. 1, according to an internal memo from Tom Naratil, president of wealth management Americas. On Wall Street reported the decision earlier Monday.
“Our operating model is more focused on retaining our existing advisers than recruiting to grow our business,” Naratil said in the memo. “Our top priority is helping you reach your full potential, not recruiting advisers from our competitors.”
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