UBS Adds Massive Team In Dallas; Alliance Bernstein Vets Bring $13M Revenue, $1.5B AUM
UBS has taken an aggressive approach to recruiting ever since the bell rang on 2020. And they’ve aimed specifically at big teams in private banking roles in money center cities. The strategy is paying off big for the Swiss firm.
John Baumgarten, Cory Dowell and Chad M. Jones joined UBS this week from Alliance Bernstein after having spent nearly their entire careers there. The numerics behind the trade add up to the biggest deal seen in the industry since the onset of the COVID-19 pandemic. The team claims annual revenue of more than $13 million and assets under management hover above $1.5 billion. Eye popping numbers.
As UBS stretches it’s legs even further we hear that they are close to landing two more teams of significant scale in the Northeast. We suspect that those will be announced either by the end of the month or before the middle of June. We also suspect that they will be of the private banking category as well.
As discussed in a previous article, the deal that UBS is offering these teams is substantial and aggressive. The math with a team like this, they may be cashing their upfront check to the tune of $20-25 million bucks. Eye popping numbers.
Adding to the pure deal numbers, most private banking advisors get a bump in their grid payout as well. So the totality of a decades long deal also pays them substantially more earned income year after year. In other words, what UBS is offering these teams is truly compelling.