$990M UBS team signs on with Raymond James
Raymond James scooped up a former UBS team that managed $990 million in client assets, according to the firm.
It’s one of the largest hires of the year for the aggressive recruiter. In May, Raymond James hired a Merrill Lynch team that managed roughly $1 billion in client assets and generated $3.6 million in annual revenue.
The firm’s newest recruits operate as SPG Fiduciary Partners and signed on with the company’s employee channel in Bethesda, Maryland. The group is comprised of Arun Sardana, Adam Proger, Paul Grambsch and Reilly Loflin. In addition to private clients, the team also serves institutional clients. The quartet had $1.6 billion in assets under advisement at UBS, according to their new employer.
Sardana is a veteran in the advisory field, having made his start at Merrill Lynch in 1995, according to FINRA BrokerCheck records. Sardana joined UBS from Morgan Stanley in 2008.
Proger joined Merrill in 2005, then also moved to Morgan Stanley and UBS, according to BrokerCheck. Grambsch and Loflin started their advisory careers at UBS in 2006 and 2015, respectively.
A spokesman for UBS declined to comment.
In a statement, Sardana cited expectations of flexibility and independence as reasons for making the move to Raymond James.
Like other regional BDs, Raymond James has been courting wirehouse talent, offering potential new hires several different ways of affiliating with the company. The firm also encourages advisors to get a feel for its corporate culture and resources by inviting them to visit its headquarters in St. Petersburg.
That hiring streak appears to have continued into the third quarter. Last week, the firm said its Alex. Brown division hired Eric Dexter, a former Wells Fargo advisor who managed $250 million in client assets. Dexter joined a new branch in Portland, Maine.
Raymond James will report its third-quarter earnings later this month.