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.
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.