UBS Wealth Management Americas (WMA) announced today that the Desai Group, led by Managing Director and Private Wealth Advisor Ajay Desai, has joined the firm's Private Wealth Management (PWM) office in Chicago.
Desai Group brings $8.3 million in revenue on $1.7 billion assets under management. Desai Group senior vice presidents John Staab and Frank Pellicori will also join UBS as part of the deal.
The Desai Group provides wealth management strategies to family offices, ultra high net worth families and individuals.
"We are pleased to have Ajay and his team join us," said Dennis Drescher, managing director and head of the Chicago PWM office. "Their extensive experience and proven success in addressing the unique issues facing ultra high net worth families and individuals underscore the firm's commitment to focusing on what matters most to our clients."
Desai and his team join UBS from Morgan Stanley Private Wealth Management, where Desai was a managing director and private wealth advisor. Prior to that, Desai worked in Merrill Lynch's Private Banking and Investment Group.