UBS Adds $1.4 Billion Bernstein Team to Los Angeles Wealth Unit
Updated
Updated · Wealth Management · Aug 31
UBS Adds $1.4 Billion Bernstein Team to Los Angeles Wealth Unit
3 articles · Updated · Wealth Management · Aug 31
Summary
$1.4 billion in client assets moved to UBS as four Bernstein advisors joined its Los Angeles private wealth office as Lumina Wealth Partners.
The team generated $11.5 million in production and targets entrepreneurs, founders, executives, entertainers, athletes and multigenerational families, with a specialty in liquidity events, philanthropy and wealth transfer.
Century City will house the group in UBS’s new Los Angeles office, where they are joined by four client-service staff and become part of a site with more than 225 employees across wealth management and investment banking.
The hire extends UBS’s recent U.S. wealth push after it recruited a $1.3 billion Tampa team from Bank of America Private Bank in July and reshuffled South market leadership.
UBS’s broader Americas expansion comes as CEO Sergio Ermotti weighs growth options including U.S. acquisitions, after the region posted $5.3 billion of first-quarter client inflows following three quarters of outflows.