Raymond James and the $8 billion Dynasty agency Procyon Companions each snatched advisors managing a whole bunch of tens of millions in shopper property from UBS this week in separate strikes.
In a single case, Procyon Companions employed Mark Sullivan from UBS to affix the agency as a senior vice chairman and senior non-public wealth advisor, working out of its Shelton, Conn., location.
Sullivan spent over 10 years at UBS, managing about $800 million in shopper property and oversaw $300 million in retirement property at UBS. He focuses on working with first-generation entrepreneurs; Procyon CEO and co-founder Phil Fiore stated he noticed Sullivan as an important component of the agency’s progress technique.
A group of UBS advisors began Procyon after leaving the dealer/vendor in 2017. The group consisted of Fiore, Jeff Farrar, Lou Gloria, Tom Gahan and Chris Foster. Collectively, they made up the FDG Group at UBS, overseeing greater than $8 billion in institutional property and $400 million in non-public property.
The agency has over 50 workers and workplaces in Connecticut, New York Metropolis, Lengthy Island, West Palm Seashore, Tennessee and Maryland. It has almost $8 billion in shopper property and continues to work in each the institutional and personal wealth areas (although most of its enterprise is on the non-public wealth aspect).
Final month, the agency employed Wealthy Franchella as senior vice chairman of enterprise growth to strengthen its capability to recruit high advisors (Franchella was beforehand an advisor recruiter at Baird). In 2021, Procyon merged with the $400 million Virginia Seashore-based Pivotal Planning. The deal was the primary merger between two Dynasty Monetary Companions corporations.
In a separate transfer, St. Petersburg, Fla.-based advisor Mary Lauritano opted to depart UBS and be a part of Raymond James’ worker advisor channel, designed for breakaway wirehouse advisors. Lauritano manages about $525 million and might be joined by shopper service associates Natalia Morales and Melody Value.
In keeping with Lauritano, choosing Raymond James got here after “in depth due diligence,” lauding the agency’s “client-first, people-centric tradition” in an announcement in regards to the deal.
“Moreover, we had been significantly drawn to the agency’s conservative enterprise philosophy, monetary energy, dedication to sturdy moral requirements and group assist,” she stated within the assertion.
In keeping with her LinkedIn profile, Lauritano started working for the funding financial institution Brown Brothers Harriman & Co. within the late Eighties. In keeping with SEC data, she joined Lehman Brothers in 2000 earlier than leaving for UBS in 2005, the place she stayed for about 19 years.
At her present apply, Lauritano works with high-net-worth people, households and enterprise house owners, and she or he’ll be primarily based out of Raymond James Carillon department in St. Petersburg.