UBS has hired a team that managed $30 billion in client assets at J.P. Morgan Private Bank, a big pickup for the Swiss bank in the rarefied world of ultrarich international clients. A spokeswoman from UBS confirmed the move.

The team, which primarily caters to ultrahigh-net-worth clients based in Mexico, includes Carlos Rodriguez Aspirichaga, Miguel Barbosa, Ricardo Mendez, Alfonso Barros and Juan Calderón, the spokeswoman said.

Aspirichaga previously served as head of J.P. Morgan Private Bank Mexico and worked with business executives, family offices and foundations, according to his LinkedIn profile. He had been with the bank since 2010 and worked from Miami, New York and Mexico City.

The license obtained by UBS allows the firm to manage assets for institutional and high-net-worth investors in the world’s second-largest economy for the first time.
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A spokeswoman for J.P. Morgan declined to comment on their departures.

The move takes place as the recruiting landscape shifts.

In December, UBS left the Broker Protocol, an industrywide accord that permits advisors switching firms to take basic client contact information with them. The wirehouse had previously reduced overall recruiting efforts in 2016.

UBS, however, continues to selectively hire high-end teams and advisors. Earlier this month, the firm picked up a former Wells Fargo team that oversaw $400 million in client assets.
That team generated $3.2 million in annual revenue and joined UBS in San Jose, California.