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Report: UBS Wealth Management Americas exiting broker hiring agreement

UBS Group AG's Wealth Management Americas is terminating the recruitment agreement that ended the practice of suing brokers who left banks for competitors, according to Reuters.

More than 1,600 firms have signed the 2004 agreement, known as the broker protocol. The agreement allowed employees such as wealth managers to take client information with them and eventually move those clients' assets over to the new firm.

UBS will drop out of the agreement effective Dec. 1, Reuters reported, citing a statement from UBS Wealth Management Americas President Tom Naratil.

Morgan Stanley said in October it would also drop out of the protocol.