Veteran UBS Reps with $2B in Assets Go Indie
Three UBS advisors managing around $2 billion have left the wirehouse to set up an independent practice — and they’re betting on bringing most of those assets with them despite UBS’s recent exit from the Broker Protocol, according to AdvisorHub.
Brian Bova, David Leeds Eustis and Marc Oster had each been with UBS in Houston for 15 years or more, the industry news website writes. They have founded the advice practice Inscription Capital with financing help from private equity firm GPS Investment Partners, according to AdvisorHub. The advisors have partnered with Fidelity Investments as their RIA custodian and have their brokerage licenses with Purshe Kaplan Sterling Investments, according to regulatory filings cited by the website.
Recruiters and lawyers tell AdvisorHub the advisors’ move is interesting given that in December, UBS withdrew from the Protocol for Broker Recruiting, the industry accord that lets departing advisors take some client data without the threat of lawsuits.
UBS could indeed go after the brokers in this case, sources tell the website. Eustis declined comment to AdvisorHub and a UBS spokeswoman didn’t return its request for comment.
UBS’s exit from the broker protocol followed that of its wirehouse rival Morgan Stanley, which withdrew several weeks prior. Both firms have been seeking temporary restraining orders against departing brokers ever since, although they don’t always succeed in obtaining them.
UBS has lost several advisors to rivals in recent months, most recently to Steward Partners Global Advisory, the employee-owned independent partnership associated with Raymond James Financial Services. But last month UBS scored a major recruiting coup when it lured a team of advisors who managed $30 billion from JPMorgan.