Mr Lewis has joined the Wells Fargo Advisors Financial Network, the firm’s independent unit, and is based in Wells Fargo Advisors’ Vienna, Virginia office.

UBS declined to comment when contacted by WealthBriefing.

Mr Lewis, who had been with UBS for 12 years, managed $146 million in client assets at the Swiss bank and wealth manager.

In its latest results statement, Wells Fargo said its net income in the three months to 30 June rose by 40 per cent from the previous quarter to $363 million.

Total revenues rose to $2.986 billion from $2.639 billion, while average core deposits rose to $113.5 billion from $102.6 billion.

Client assets increased by 8 per cent to $986 billion from the previous quarter. Managed account assets increased by $22 billion, or 16 per cent, including net inflows of $10 billion.