Deutsche Private Banker with $1.2-Bln Book Joins Mega UBS Team in Los Angeles
UBS Wealth Management USA signaled its doors remain open to salaried private bankers as the wirehouse has hired a Deutsche Bank advisor in Los Angeles, according to an announcement.
Gray, who had been with Deutsche Bank since 2006 and was a managing director, is partnering with an existing UBS team that will oversee a total of $35 billion in assets assuming Gray moves his entire book, according to the release.
The nine-person team team, called Private Family Wealth Partners, is led by brokers William Calvert, Ryan McClellan, Kirk Wendorf, Ryan Chase and Scott Harries, according to the announcement and the team’s website.
The group at UBS had been given the “Family Office Consultants” designation, which is “based on our experience” with clients who have over $100 million in assets, and gives them “even greater access to the key people, resources and services within the firm,” according to their website.
Gray, who started his career at Banc of America Securities in 2004, according to BrokerCheck, could not immediately be reached for comment.
“Prior to joining UBS, Dan served as a Managing Director and Private Banker at Deutsche Bank for more than 15 years, delivering bespoke investment opportunities and financing solutions to clients on one of the largest private wealth teams on the West Coast,” UBS said in the announcement.
Recruiters say hiring private bankers can be a risky proposition given garden-leave policies and customers’ bank ties that make it hard to bring over assets. But UBS has doubled down on the strategy, including raising bonuses for private bankers this year, as it has been focused on boosting margins in part by cross-selling rich customers on lending products.
In recent months, however, it has hired mostly large producers from traditional commission-based channels.
A spokesperson for Deutsche Bank declined to comment on the departure.
Deutsche Bank sold its U.S.-based traditional brokerage unit to Raymond James in 2016, although it maintains an international private bank business that serves customers from 80 locations, including in the Americas.
The Americas private bank since 2021 has been led by Arjun Nagarkatti. It managed $34.5 billion in assets at the end of March, flat year-over-year as the business has seen a stream of departures, including executives and at least 10 senior bankers, since last summer, according to a Bloomberg report in July.
Deutsche in July said it had hired seven bankers who joined from Bank of America Private Bank, Citigroup and Goldman Sachs in New York, San Francisco and in Latin America.
“In the US, we’re bringing in new, talented colleagues to further develop their #career and our business,” Nagarkatti wrote in a July post on LinkedIn. “We’re beginning to look at deepening our bench in Florida and the West Coast.”