Deutsche Bank Alex Brown, the US private client services division of Deutsche Bank Securities and Deutsche Bank Private Wealth Management, has appointed Shawn Sullivan to its Boston office as a director and client advisor.

Mr Sullivan joins Deutsche Bank from UBS Financial Services where he had worked for the past five years as a senior vice president and financial advisor. Prior to this, Mr Sullivan was an advisor at Morgan Stanley.

The move comes as UBS has lost its standing as the world’s largest wealth management firm to Bank of America, according a report published this week by Scorpio Partnership, the UK-based consultancy.

As reported by WealthBriefing at the end of last month, UBS has recently lost nine advisors to Morgan Stanley Smith Barney in the US, including the four-strong Arata Investment Group - with $371 million in client assets - which joined Morgan Stanley Smith Barney’s office in Bangor, Maine.

In Texas, Morgan Stanley Smith Barney hired UBS advisor Ricardo Nazario, who had $226 million in assets under management, for its Houston office. Meanwhile Jane Rojas was recruited from UBS to join Morgan Stanley Smith Barney’s office in Tuscon, Arizona. Ms Rojas’ prior assets stood at $227 million.

UBS also saw the departure of Brian Albach, Stephen Dauer and Gregory Wells, who joined Morgan Stanley Smith Barney's office in Cincinnati, Ohio. While at UBS the team had had over $2.9 million in production.