UBS Group AG hired private-wealth advisers who oversaw $6 billion in assets for Goldman Sachs Group Inc.
The team, headed by Denis Cleary and Gregory Devine, has clients in more than 25 U.S. states and will maintain offices in Boston and Los Angeles, UBS said Tuesday in a statement.
“Known for being one of the largest teams in the country under the age of 50, we’re proud to have them on board here at UBS to bring a differentiated view for our clients,” said John Mathews, UBS’s head of ultra-high net worth Americas and private wealth management.
The world’s largest banks have latched on to the explosion of wealth during the decade-long bull market. That’s driving intense competition among banks and boutiques for advisers that cater to the ultra-rich.
UBS is creating what it calls Private Wealth Services hubs in New York, Florida, Chicago and Dallas, with West Coast offices in San Francisco and Los Angeles, to beef up services for its richest clients, the bank said in December.
The firm last month said that Wickham Cash Partners, which oversaw about $10.8 billion, joined its Charlotte, North Carolina wealth-management office. The group was previously part of Merrill Lynch.
This article was provided by Bloomberg News.