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Swiss bank giant UBS is aiming high with
The bank lost two large advisory teams in as many weeks, with a combined total of $4.3 billion of assets managed by nine brokers defecting to wirehouse Wells Fargo and to regional firm RBC. UBS declined to comment on the moves.
In the first and more recent move, Margate Wealth Management Group of Short Hills, New Jersey, joined Wells Fargo on Nov. 4, bringing $2.6 billion in client assets under management. The team consists of advisors Andrew Perry and Todd Perry, who are brothers, and Heather Molin and Matthew Giugliano, as well as client performance analysts Mark Franciotti and Ashley Lefler. The group will have a second office in New York City.
"I've known them for many years and look forward to working with them," said Barry Sommers, the CEO of Wells Fargo Wealth & Investment Management, in a statement. "Our expansive range of high net worth services and resources will help their clients and grow their business."
The jumps come as Wells Fargo
At UBS, the six-person Margate group was half of a powerhouse ultra high net worth team,
Margate advisor Andrew Perry said in a statement that the move would "enable us to service the demanding needs of our ultra high net worth clients with a broader, more robust investment and commercial lending platform."
"We have lots of clients across Wells Fargo Advisors who are also business owners," a Wells Fargo spokesperson said in an email. The Margate advisors would be able to connect them to the wirehouse's commercial bank for business banking and lending, the spokesperson added.
Margate's newly launched advisor
Asked if Wells Fargo was concerned about the incoming team's BrokerCheck records, the company spokesperson said in an email, "We are thrilled that this team is joining Wells Fargo."
In the second move, UBS last week lost the Indianapolis-based
David W. Bartz, a leader of Promus, said in a press release that RBC's "products, tools and integrated technology platform will enable us to best serve our clients and grow our practice."
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"It is also a great fit for our team culturally, with a well-respected local leadership team that places a strong emphasis on creating an excellent experience for our clients."