UBS Snags $1.4B Team
Bernstein loses key LA team to UBS in major wealth management coup
UBS has recruited a private wealth management team from Bernstein, marking a significant expansion of its operations in Los Angeles. The team, which is based in the city, has $1.4 billion in assets under management.
The recruitment of the team is a major coup for UBS, as it looks to grow its private wealth management business in the United States. The team's $1.4 billion in assets will be a significant addition to UBS's existing wealth management operations.
The team is based in Los Angeles, a key market for private wealth management in the United States. The city is home to many high net worth individuals and families, and UBS will be looking to leverage the team's expertise and connections to grow its business in the region.
## Why it matters The recruitment of the team is a significant development in the private wealth management industry, as banks and financial institutions compete for talent and assets. The move highlights the ongoing trend of teams moving between firms in search of better opportunities and resources. For UBS, the addition of the team will help to strengthen its position in the Los Angeles market and expand its private wealth management business.
