In a landmark move that is sure to shake the entire industry, and certainly the blurred lines between private banking and traditional wealth management – UBS just made history.
Earlier today a J. P. Morgan team of 9 left their Dallas, TX offices after resigning from the firm and announcing their intent to join UBS. The numeric details of the move are stunning: $75M in annual revenue and $28B in client assets. Wow.
Not only is this the largest deal in the history of UBS, but it’s the largest recruiting deal in the history of the industry. Read that again.
Behind the numbers are exceptionally respected and high profile (now former) J. P. Morgan private bankers: Cindy Brown, Daffan Nettle, Leslie Gunawan, and Jay Boynton. The team is bringing several VP’s and analysts with them to UBS and joining Tommy Stacey, Market Head PWM, and his executive team.
In several conversations this afternoon, it is clear that UBS not only landed the biggest team deal in history, but truly influential bankers in the names above. The news spread like wildfire and the largess of the careers at JPM associated with Cindy Brown and Daffan Nettle not only raised eyebrows, but stopped their colleagues across the country in their tracks.
The financial details of the recruiting deal itself (upfront backend, and other finer points) are still under wraps; but we expect those to leak at some point. Given the high profile nature of the team, the female majority make up, and that it’s JPM versus UBS – we expect more to come from this historic move in the following days and weeks.
In trying to get our heads around the historic size and scale of this deal one thing is clear – UBS has found a bit of magic in the private banking world and they are pressing hard.
