Citigroup’s Smith Barney poached former UBS and Merrill Lynch advisors who collectively manage $625 million in client assets and last year generated $6.86 million in fees, according to Dow Jones Newswires.

A Citi spokesman confirmed the firm had brought on former UBS advisors Scott Blair and Arthur Caruso in New York and Paul Matlock and Mary Linley Sweat in Mississippi. Also Michele Sims, Alan Guerry and Trey Kinney, previously with Merrill Lynch in Atlanta reportedly joined the firm.

The report stated Mr Blair and Mr Caruso, who will be working in Smith Barney's Park Avenue offices under Keith Shepherd, have generated $4.24 million in fees over the last year and manage about $331 million in assets.

It also stated Mr Matlock and Ms Sweat, who will work in Smith Barney's Jackson Mississippi office, generated about $1.39 million in fees over the past year on $151 million in assets under management.

The ex-Merrill team generated $1.23 million in fees and managed assets of $143 million, according to Dow Jones.

The two teams have already started Citigroup’s brokerage arm, Smith Barney, this month.