Credit Suisse Loses ‘Lifers’ To UBS In Boston; $1B AUM, $6M Rev
The coming Credit Suisse migration is no longer just on its way. It has arrived. Credit Suisse teams are beginning to drop like flies. We just received word that a huge Private Wealth team has joined UBS’ office in Boston under the direction of Max Bardeen, the firms long time PWM Manager in the city. Ross Kennedy, Steve Michael and Richard Cantwell have joined UBS in Boston after spending 20 years at Credit Suisse. They collectively generated $6M in annual revenue on an approximated $1B in client assets.
This latest UBS recruiting coup comes on the heels of other headline grabbing deals involving large teams with billion dollar books of business. Teams that hail from JPMorgan, Merrill Lynch and now Credit Suisse are ringing the bell at better than $1B each headline making time. As the firm lagged throughout the first half of 2015 behind Merrill Lynch for the annual recruiting crown, they’ve come on extraordinarily strong in the last 60 days. Adding the last few announced recruits to the tally and you are looking at nearly $10B in recruited assets. A record setting number. The current demise of Credit Suisse wealth management operations here in the United States should only make that number go appreciably higher.
A source familiar with the recruitment of the Credit Suisse team had this to say, “this was a competitive deal and these guys handled it extraordinarily professionally, in my opinion. They took long looks at both Wells Fargo and Morgan Stanley, but ultimately landed at UBS. UBS is willing to stretch to make these larger teams comfortable and it is working right now.”
Making the transition to the UBS PWM office in Boston should be comfortable. Max Bardeen is a long tenured figure in that town and is well respected. As far as local leadership is concerned, these guys chose well.
The next round of Credit Suisse defections are coming around the bend. We’ve heard about announcements on tap in LA, Chicago and Texas over the last few days. The longer Credit Suisse waits to announce whatever plans they’ve made for the firms advisors the worse the defections will become. Time is money.