UBS Wealth Management Americas has reinforced its broker network in Providence, RI, with the addition of advisors Jamie Hilton and Kara Museler from Morgan Stanley Wealth Management, Family Wealth Report can confirm.

Hilton, who has worked in the industry for 30 years, was a senior vice president at Morgan Stanley. He and Museler were based out of Morgan Stanley's Newport, RI, office.

According to Reuters, Morgan Stanley Wealth Management’s brokerage unit had a “large number of big departures in 2012”. At least 243 veteran advisors who managed over $39.2 billion in client assets left, the news service said.

Last week UBS confirmed to this publication that it is shedding 20 staff from its Toronto office, including the chief executive of its Canadian operations, Rick Meslin, and chief Canadian economist George Vasic. The other affected posts are middle to senior level positions in the investment firm's equities research and cash sales and trading divisions. The work will be absorbed by employees in its New York office.

Meanwhile, pre-tax operating profits at the bank’s wealth management arms fell in the fourth quarter of 2012 from the previous three-month period, the Zurich-listed firm said last week, while the firm overall reported a loss in the quarter but a full-year adjusted profit of SFr3.0 billion ($3.29 billion).