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UBS Nabs $5B JPMorgan Team in South Florida

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What You Need to Know

  • The addition of the South Florida team from JPMorgan comes only one day after UBS added a team in the same market from Wells Fargo.
  • The six-person Florida team is led by financial advisors Brian Beraha and Vicente del Rio.
  • UBS also added a two-person team from J.P. Morgan Private Bank in in Kenwood, Ohio.

UBS Private Wealth Management has added a six-person team in South Florida managing $5 billion in assets from rival JPMorgan, while also picking up a JPMorgan team in Kenwood, Ohio, UBS said on Wednesday.

The South Florida team is led by financial advisors Brian Beraha and Vicente del Rio, and also includes advisor Horacio S. Aguirre, senior wealth strategy associates Jared Pillar and Alexis Audisio, and Michelle Gonzalez, client service associate.

The team will report to Karl Ruppert, South Florida complex director at UBS Private Wealth Management.

Only one day earlier, UBS said it had nabbed a three-person team in South Florida managing over $1.8 billion in assets from rival Wells Fargo. That team also reports to Ruppert.

The former JPMorgan team will also work closely with Richard Suss, downtown Miami branch manager at UBS Wealth Management USA.

Beraha and del Rio join UBS after several years at J.P. Morgan Private Bank, where they built a business focusing on ultra-high-net-worth families and individuals in South Florida.

Before his tenure at J.P. Morgan Private Bank started in 2013, Beraha was with Merrill Lynch’s Private Banking and Investment Group. His areas of expertise include family office structuring and governance, complex credit, multi-generational wealth transfers, philanthropic giving and assisting entrepreneurs in exit planning.

Del Rio serves as the team’s portfolio manager, leading the strategy and due diligence process on all investments. His areas of expertise include analysis of traditional and alternative asset classes, creating structured investment vehicles, and addressing concentrated wealth issues via traditional and nontraditional methods.

In his prior role, del Rio was a member of J.P. Morgan’s U.S. Private Bank Advisory Council and a member of its Opportunistic Investment Committee. He was with that firm since 2010, according to his report on the Financial Industry Regulatory Authority’s BrokerCheck website.

Aguirre has been working with UHNW families, advising them through long-term wealth planning, liquidity events and optimal balance sheet structuring. Before joining UBS, he was an investment specialist at J.P. Morgan Private Bank, where he focused on building customized investment portfolios.

The Ohio Team

Separately, UBS Private Wealth Management announced it added Allen Zaring and Tim Bayer of the Families & Foundations Investment Group from J.P. Morgan Private Bank in in Kenwood, Ohio.

The Families & Foundations Investment Group will advise successful business owners and founders on family office formation via pre- and post-transaction liquidity planning, asset management, next-generation investment education and the financing of philanthropic initiatives, UBS said.

The team will also perform investment management services for private and family foundations and nonprofit organizations.

“Allen and Tim bring their specialized talents and a wealth of knowledge and experience to a growing area of importance in the region,” according to Jon Ramey, Ohio Indy market head of UBS Wealth Management USA. “They will provide our clients and prospective clients with bespoke solutions and thoughtful advice that addresses their often complex wealth management needs,” he said in a statement.

Zaring joins UBS as managing director. Most recently, at J.P. Morgan Private Bank, he focused on transactional liquidity events, family office formations, philanthropic initiatives and investment management for regional nonprofit organizations.

Before that, Zaring was chief operating officer and head of risk analytics at a London-based hedge fund. Zaring will be responsible for managing relationships with UHNW clients, family offices and regional endowments and foundations.

Bayer joins as vice president after spending more than eight years as a global investment strategist for J.P. Morgan Private Bank. He has advised families, generational family offices, business owners, entrepreneurs, financial professionals and professional athletes.

(Photo: Shutterstock)