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UBS Nabs $10.5B Advisor Team From J.P. Morgan Private Bank

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What You Need to Know

  • The six-person advisor team is based in San Francisco.
  • The pickup represents another recruitment win for UBS in Northern California in recent months.
  • The team of brokers advised ultra-high-net-worth families in the tech and health care sectors with J.P. Morgan.

UBS Private Wealth Management has picked up a six-person advisor team that had managed $10.5 billion in client assets at J.P. Morgan Private Bank for more than 10 years.

Brokers John “JT” Davenport, Angela Colombani and Sean Livingston have joined UBS in San Francisco after advising ultra-high net worth families with J.P. Morgan.

The recruitment win was just the latest of several for UBS in recent months. Recent recruits included two Northern California teams from Merrill Lynch that UBS announced last month.

Invested assets in UBS Americas’ wealth unit hit $1.6 trillion in the first quarter of 2021, up from $1.2 trillion a year ago but flat versus the fourth quarter. The number of wealth advisors in the Americas declined by 161 from last year’s 6,496 to 6,335. But the Q1 figure was up 30 from 6,305 advisors as of Dec. 31, 2020.

Before joining J.P. Morgan in 2010, Davenport was with Goldman Sachs from 2005-2010 and 2001-2003 and Lehman Brothers from 2004-2005, according to his report on the Financial Industry Regulatory Authority’s BrokerCheck website.

At J.P. Morgan, Davenport was a managing director and head of the firm’s Northern California Technology Practice that specialized in advising private and public company executives in pre-transaction planning, equity compensation and investment strategies, UBS said.

Colombani was with J.P. Morgan since 2007. Prior to that, she started her career with Merrill Lynch in 1999 and briefly served as a rep for S F Sentry Securities from 1999-2000.

At J.P. Morgan, she was most recently a managing director and global investment specialist. She also led the Northern California Private Bank Healthcare practice that specialized in advising private and public company executives in pre-transaction planning, equity compensation and investment strategies.

Livingston started his career at Pimco in Newport Beach, California; London; and Munich before joining J.P. Morgan in 2009 and  serving as an executive director and senior client advisor, leading the Private Equity/Venture Capital Team in Northern California.

The team also includes Jordan Sayer, client service associate; Chris Carothers, senior wealth strategy associate; and Tyler Baker-Williams, senior wealth strategy associate.

Asked to comment on the loss of the team to UBS, a J.P. Morgan spokesperson said: “At J.P. Morgan Private Bank we are always hiring new, dynamic talent. In fact, year-to-date we have hired 100 advisors across the country, and over the next five years we plan to nearly double our advisor headcount.”

Welcoming the team to UBS, Todd Locicero, West Coast market head at UBS Private Wealth Management, said the team served clients in the technology and health care sectors at J.P. Morgan. They “will be a great addition to the firm and we look forward to partnering with them to grow their business here at UBS,” he said in a statement.

(Photo: Shutterstock)