By Jon Sindreu Could UBS come to look — and be valued — like Morgan Stanley? Yes, but the aftermath of a megadeal isn’t the ideal time to get a celebrity makeover. The Swiss bank’s annual accounts, published Tuesday, show the challenges inherent in its deal last year to acquire Credit Suisse. UBS’s assets increased by 56% in 2023 compared with 2022, but its revenues were only 18% higher. A net loss of $279 million for the final quarter mostly reflected a $1.8 billion expense from the continuing integration of its unprofitable former rival. After an initial period of doubt, investors came to embrace the transaction. UBS shares have delivered a 36% total return since it closed in June, compared with roughly 5% for the Stoxx Europe 600 index. Now that the $29 billion one-off windfall from a discount deal price has already been recorded, though, overcoming skepticism might prove

By Andrew Welsch UBS recruited a former Merrill Lynch team that managed approximately $1.3 billion in client assets, according to the Swiss bank. The Hart Group, a four-person advisor team, has joined UBS in Albany, N.Y. It includes advisors James Hart, Emily Hoag, Natalie Squillace, and Nolan Hart. The advisors specialize in serving athletes and entertainers, according to UBS. “Athletes and entertainers frequently face unique challenges such as sudden wealth and complicated family financial dynamics that require specialized advice and guidance,” said Wale Ogunleye, a former NFL player who now heads UBS’s Athletes & Entertainers Client Segment. “We are excited to have Jim and the Hart Group join UBS to expand our capabilities and help meet growing demand from this important client group.” James Hart has nearly 40 years of experience in the industry, according to BrokerCheck, a public database maintained by industry self-regulatory organization Finra. He began his career