$6.6B team quits Goldman for UBS in mega move

A team that managed $6.6 billion in client assets has quit Goldman Sachs to join UBS, according to a person with direct knowledge of the matter.

Advisors Cullen Thomason and Hunter Henry, who are on garden leave, will join UBS in Dallas in July. They previously generated approximately $21 million annual revenue, according to the person with knowledge of the matter.

Daniel Acker/Bloomberg News

It’s the largest advisor move of the year, according to hiring announcements and FINRA BrokerCheck data analyzed by On Wall Street. In February, William Blair picked up a team that managed $3 billion in client assets.

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• UBS Wealth Management
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• Wells Fargo Advisors

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The following 17 teams oversaw about $75 billion in assets. The firms ending the year with prize recruits include a diverse cast: regional BDs, wirehouses, boutiques and RIAs.

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For UBS, the new hires come even as the firm cut back on recruiting efforts in 2016 in a bid to shift resources away from hiring and toward advisors currently at the firm. However, the wirehouse has continued to selectively hire brokers who cater to high-net-worth and ultrahigh-net-worth clients. In March, UBS picked up five advisors overseeing $1.3 billion in combined assets.

Thomason and Henry have been Goldman for their entire careers, having joined the business in 1997 and 2001, according to FINRA BrokerCheck records.

Thomason was named a managing director at Goldman in 2012, according to a company press release. Henry ascended to the same rank a year later.

A Goldman Sachs spokesman declined to comment.