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$6.6B team quits Goldman for UBS in mega move

A team that managed $6.6 billion in client assets has quit Goldman Sachs to join UBS, according to a person with direct knowledge of the matter.

Advisors Cullen Thomason and Hunter Henry, who are on garden leave, will join UBS in Dallas in July. They previously generated approximately $21 million annual revenue, according to the person with knowledge of the matter.

UBS NYC Headquarters Bloomberg News photo
A woman exits the UBS building in New York on June 9, 2003. UBS AG, Europe's largest bank by assets, is dropping the PaineWebber and Warburg brands from its brokerage and investment bank today, scrapping two of the best-known names on Wall Street and in the City of London. Photographer: Daniel Acker/Bloomberg News.

It’s the largest advisor move of the year, according to hiring announcements and FINRA BrokerCheck data analyzed by On Wall Street. In February, William Blair picked up a team that managed $3 billion in client assets.

The following 17 teams oversaw about $75 billion in assets. The firms ending the year with prize recruits include a diverse cast: regional BDs, wirehouses, boutiques and RIAs.
December 14

For UBS, the new hires come even as the firm cut back on recruiting efforts in 2016 in a bid to shift resources away from hiring and toward advisors currently at the firm. However, the wirehouse has continued to selectively hire brokers who cater to high-net-worth and ultrahigh-net-worth clients. In March, UBS picked up five advisors overseeing $1.3 billion in combined assets.

Thomason and Henry have been Goldman for their entire careers, having joined the business in 1997 and 2001, according to FINRA BrokerCheck records.

Thomason was named a managing director at Goldman in 2012, according to a company press release. Henry ascended to the same rank a year later.

A Goldman Sachs spokesman declined to comment.

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