September 15, 2021
Los Angeles, CA
UBS Wealth Administration USA signaled its doorways stay open to salaried non-public bankers because the wirehouse has employed a Deutsche Financial institution advisor in Los Angeles, in keeping with an announcement.
Daniel J. Grey, who a supply stated had overseen $1.2 billion in buyer balances, together with property and excellent loans, joined UBS’s Personal Wealth Administration division for ultra-wealthy purchasers on Friday.
Grey, who had been with Deutsche Financial institution since 2006 and was a managing director, is partnering with an present UBS group that may oversee a complete of $35 billion in property assuming Grey strikes his total e-book, in keeping with the discharge.
The nine-person group group, known as Personal Household Wealth Companions, is led by brokers William Calvert, Ryan McClellan, Kirk Wendorf, Ryan Chase and Scott Harries, in keeping with the announcement and the group’s web site.
The group at UBS had been given the “Household Workplace Consultants” designation, which is “based mostly on our expertise” with purchasers who’ve over $100 million in property, and provides them “even higher entry to the important thing individuals, sources and companies throughout the agency,” in keeping with their web site.
Grey, who began his profession at Banc of America Securities in 2004, in keeping with BrokerCheck, couldn’t instantly be reached for remark.
“Previous to becoming a member of UBS, Dan served as a Managing Director and Personal Banker at Deutsche Financial institution for greater than 15 years, delivering bespoke funding alternatives and financing options to purchasers on one of many largest non-public wealth groups on the West Coast,” UBS stated within the announcement.
Recruiters say hiring non-public bankers is usually a dangerous proposition given garden-leave insurance policies and prospects’ financial institution ties that make it onerous to deliver over property. However UBS has doubled down on the technique, together with elevating bonuses for personal bankers this 12 months, because it has been targeted on boosting margins partially by cross-selling wealthy prospects on lending merchandise.
In current months, nonetheless, it has employed principally giant producers from conventional commission-based channels.
A spokesperson for Deutsche Financial institution didn’t instantly return a request for remark.
Deutsche Financial institution offered its U.S.-based conventional brokerage unit to Raymond James in 2016, though it maintains a world non-public financial institution enterprise that serves prospects from 80 areas, together with within the Americas.
The Americas non-public financial institution unit managed $34.5 billion in property on the finish of March, flat year-over-year because the enterprise has seen a stream of exits, together with executives and at the very least 10 senior bankers, since final summer season, in keeping with a Bloomberg report.