Two UBS Wealth Managers in Los Angeles Depart, One by Mutual Agreement
UBS Financial Services unveiled a plan to lighten its regional sales bureaucracy just over a year ago, but it is unclear how closely the departure of two managers in Los Angeles in the past month correlates with the plan.
David H. Bigler, who was Western Divisional Sales Manager, left on July 14 after 20 years as part of a “mutual agreement” with UBS to separate, according to Central Registration Depository records reviewed by k-tcc.
Gary P. Cohen, sales manager of the firm’s Century City complex, registered that same day as a broker with Alex. Brown, the high-net-worth unit of Raymond James Financial’s branch network, according to his BrokerCheck record.
Bigler, who had run a complex of offices in Beverly Hills and Century City until he was reassigned to the division sales post at the beginning of last year, did not return a request for comment on the reason for his departure.
The U-5 report filed by UBS on his separation says that it was not related to compliance or sales practice issues.
The former manager’s BrokerCheck history alludes to a complaint making “allegations of failure to supervise against branch management” from mid-2013 to August 2016 by an unnamed complainant’s counsel, and seeking $21.1 million. That corresponds with the Central Registration Depository notice that a California entity called Elide Corp. filed an arbitration complaint “against branch management” tied to failing to supervise sales of leveraged exchange traded products, stocks and options.
The complaint is the only disclosure event on BrokerCheck for Bigler, who has been registered as a broker since November 1994 when he joined the now-defunct Olde Discount Corp.
Cohen, who declined to comment on his move, joined the Swiss bank’s U.S. brokerage unit in 2012, following stints at 9 other firms over 22 years. He first registered as securities sales representative with Oppenheimer & Co. in 1990, according to his BrokerCheck record.
In his new role at Alex Brown, Cohen oversees 10 client advisors who manage about $12 billion of customer assets, Raymond James said in a news release.
UBS spokesman Peter Stack did not respond to requests for comment on the departure of the Los Angeles-area managers or on whether they will be replaced.