$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.
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.
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.
A Goldman Sachs spokesman declined to comment.