UBS continues to be on a serious recruiting roll across the country. Much of the big headlines are coming from private bank competitors like Bank of America, J. P. Morgan, and Goldman Sachs. Billions of client assets are up for grabs and UBS has significantly opened up its checkbook and is crushing the competition; winning big team after big team after big team.
Their latest win came in San Francisco as they finalized a deal with an all-female private banking team out of Bank of America. The team, nor UBS, has released annualized revenue and client asset data but a source close to the recruitment confirmed that the team brings better than $10M in revenue and more than $2B in assets with them.
The team includes Amanda Woo, Nancy Barrett, and Michelle Harvey, all joining UBS Private Wealth Management in San Francisco. The team is well known in the Bay Area as the most influential banking team at BofA and was seen as a major blow to the firm. Operationally, they will report to both PWM and Erin Borger. **A note real quickly, Borger has climbed the ranks of management at UBS over the past decade closely connected to his recruiting prowess, so his name associated with this win isn’t a surprise.
In the same way that UBS has significantly jostled the comfortable confines of the J. P. Morgan Private Bank across the country, it seems they are doing the same with Bank of America. This is now the third significant announcement of a BofA to UBS migration in 2021, and we hear that more are to come.
At what point will rivals like Morgan Stanley, Rockefeller, and others start paying up for private banking teams the way UBS has?? We don’t know as of yet, but you can bet it’s coming.
