A team of five UBS advisors have decided to go independent and join the Dynasty Network, Dynasty Financial Partners says in a press release. But the move has made them the targets of a lawsuit from their old firm.

Phil Fiore, Jeff Farrar, Lou Gloria, Tom Gahan and Chris Foster had operated as partners of the FDG Group at UBS prior to forming their new RIA, Procyon Partners, in Shelton, Conn., according to Dynasty's press release.

While at UBS, the five advisors oversaw $8 billion in institutional assets and more than $400 million in private wealth assets on both a non-discretionary and discretionary basis, Dynasty says in the press release. Procyon will use Dynasty for analytics and operational support, according to the press release.

UBS is subsequently suing Farrar, Fiore, Gloria and Gahan for directly breaching non-solicitation and non-disclosure agreements signed in February 2016, by trying to poach UBS clients to Procyon, according to UBS's complaint. The wirehouse has also requested a temporary restraining order against the defendants, in a bid to stop them from soliciting more clients, as reported by FA-IQ sister publication, Fundfire.

Separately, FallLine Securities, whose CEO once headed UBS’ private bank unit, has signed a new independent wealth management firm recently set up by former UBS financial advisors, FallLine says in a press release.

Requisite Capital Management is led by Douglas John, a former managing director at UBS Private Wealth Management who oversaw around $1 billion, and Bryn Basiardanes Talkington, a former regional director at UBS Asset Management, according to the press release.

Requisite, which focuses on ultra high net worth clients, will use FallLine’s technology, brokerage and wealth management platform, FallLine says. Being on FallLine’s platform will let Requisite offer clients “a broader, more comprehensive set of ultra high net worth investment solutions, and the technology and support to execute seamlessly,” John says in the press release.

FallLine, which targets advisors serving ultra high net worth clients, was co-founded by John Straus and Peter Ruhlin, the firm says in the press release. Straus had previously led UBS Wealth Management Americas, JPMorgan’s private banking unit and Morgan Stanley’s private wealth management business, a spokesman for FallLine tells FA-IQ.

John Straus

UBS, meanwhile, has lost several top producers to its rivals or to the independent space in recent months. Earlier this month, Merrill Lynch snapped up a trio of advisors overseeing $3.3 billion at UBS. Merrill Lynch had also picked up a $1 billion UBS duo just a week before that. In February, UBS also lost a $147 million advisor to Ameriprise Financial and another advisor who joined forces with breakaways from Morgan Stanley to form a new independent advice practice using Dynasty Financial for select services.