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There are rumors swirling within the wealth management world that UBS is about to land a massive Goldman Sachs private banking team. Sources at UBS have passively confirmed the potential move with a wink and a smile via text and signaled that we should keep a sharp eye out for a pending announcement.

UBS has taken considerable interest in Goldman Sachs advisors and larger teams over the past six months and ‘leaned in’ to those recruitments inside of the COVID-19 pause in the industry. The expectation is that this particular transaction is pending and will trade in less than 30 days.

As UBS pursues private banking teams they’ve also taken an interest in Alliance Bernstein, and J.P. Morgan. Private banking teams of scale have engaged with UBS often because of the largess of the deal being offered.

Historically these types of teams have been offered discounted deals based on the perceived stickiness of the assets that they manage at their current firm. UBS has decided that those rules don’t apply anymore and are offering ‘wire to wire’ traditional deal terms to pry away the biggest teams.

When this deal finally closes we could be looking at a number larger than $50M in total bonus dollars.

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