UBS Nabs $11-Mln J.P. Morgan Private Bank Team in Florida, Another in Ohio
UBS Wealth Management USA has hired a six-person team that had been managing $5 billion in client assets at J.P. Morgan Private Bank in Florida, as well as an Ohio team from the same firm, according to separate announcements on Wednesday. Those lengthen a list of recent private bank recruits joining the wirehouse.
Beraha, who began his brokerage career in 2011 with Merrill Lynch’s Private Banking and Investment Group, moved to J.P. Morgan in 2013, according to BrokerCheck and the announcement. Reached at his Miami office, he declined to comment on the team’s motives or the unusual staggering of their move dates.
The team focuses “mostly” on ultra-high-net-worth families and individuals in South Florida, the source said.
Del Rio began his career in 2010 with J.P. Morgan Securities, according to his BrokerCheck record. The database shows one pending client dispute from April 2020 that seeks $1 million in damages on a claim that del Rio, from August 2016 to September 2017, made “unsuitable recommendations” in a trust account. The client brought the claim in arbitration after a related court case was dismissed in Florida state court.
Beraha’s record shows no complaints or other disclosure events.
In Kenwood, Ohio, UBS picked up the team Allen Zaring and Timothy J. Bayer, Jr., also from J.P. Morgan Private Bank. They are calling their new practice at UBS the Families & Foundations Investment Group at UBS Private Wealth Management, according to the announcement, which did not specify the size of their practice.
A UBS spokesperson declined to comment on the team’s assets.
Zaring, who started his brokerage career in 2016 with J.P. Morgan Securities, moved to UBS on Wednesday, according to BrokerCheck. He had previously served as chief operating officer and head of risk analytics at a London-based hedge fund, according to the announcement.
Bayer, who started his brokerage career in 2012 with J.P. Morgan Securities and was a global investment strategist, moved to UBS on March 22, according to BrokerCheck and the announcement.
A spokesperson for J.P. Morgan declined to comment on the departures or whether the bank would seek to enforce any non-solicitation provisions in these cases.
The two moves came around the same time UBS in February nabbed a seven-person Los Angeles-based J.P. Morgan team that had been generating $26 million in annual revenue on $6.5 billion in client assets.
Louis Diamond, a New York-based recruiter, said that wirehouses and other traditional brokerage firms historically shied away from recruiting private bankers since the portion of assets that typically transfer are “extremely low and unpredictable” with hurdles like garden leaves, non-solicitation agreements and clients’ deep ties to the parent bank.
But private bank groups have become more of a focus for the wirehouses as they look for fresh sources of talent outside their own pool and because bankers usually have attractive client books, according to Diamond. Coming from a salary-and-bonus banking world, they can also be somewhat less expensive hires than a “mega” wirehouse team, he said.
Conversely, private bankers also had been hesitant to move firms amid fears of losing their assets and ties to their parent bank, according to Rick Rummage, a recruiter in Herndon, Virginia.
“Years ago, they were not flexible at all and most of the firms were turning these guys away,” Rummage said. “Most still are, but every year more firms are getting open minded because the landscape in recruiting has become so competitive.”