UBS’s wealth management division has recruited former Barclays Wealth manager Michael Ferconio for its Chicago office, where he will handle accounts of ultra high net-worth clients, WealthBriefing can exclusively report.

Mr Ferconio, who has the title of senior vice president, is joining a team that runs money for 15 “significant families throughout the Midwest and the rest of the country”, a person familiar with the matter said. A UBS spokeswoman later confirmed that Mr Ferconio had joined the Swiss-listed wealth management firm.

Mr Ferconio reports to Angel Alvarez, branch manager.