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UBS team managing $4.8 billion launches RIA
The move comes at the closes of 2020, which has seen fewer breakaways exit than previous years, but with higher average AUM
December 14, 2020
A team overseeing $4.8 billion in client assets has left UBS Financial Services Co. over the weekend to launch NewEdge Wealth, an independent RIA based in Pittsburgh.
The new RIA was formed in partnership with EdgeCo Holdings Inc. and follows the acquisition earlier this year of The Private Wealth Partners, which serves ultra-high-net-worth clients.
The UBS breakaways forming NewEdge include Jeffrey Kobernick, Robert Sechan, Walter Granruth, and John Straus Jr.
“New patterns and trends emerge, and we need to be nimble in order to optimize solutions and advance on client goals,” Sechan said. “It presents a new opportunity for us to customize investment and wealth management strategies that meet complex needs and objectives without many of the constraints found at larger firms.”
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A team of seasoned financial advisors who oversaw about $4.8 billion in assets at UBS on Monday is launching a wealth management firm called NewEdge Wealth, which focuses on ultrahigh-net-worth families, family offices, and institutions, Barron’s has learned.
The advisor team known at UBS as Turnstone Wealth Management formed NewEdge as a joint venture with EdgeCo Holdings, a Pittsburgh-based provider of technology and support services to a wide range of financial firms.
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A team of seasoned financial advisors who oversaw about $4.
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