UBS hires $900M team from First Republic

UBS recruited a team that managed $900 million and generated $4.5 million in annual production.

It’s a large get for the wirehouse, which has continued its policy of selectively hiring advisors catering to ultrahigh-net-worth and high-net-worth clients.

The team, which includes advisors Brian Corley and Dan Grover, joined UBS from First Republic in Walnut Creek, California, according to an internal company memo seen byFinancial Planning. The advisors cater to wealthy individuals and athletes, and specializes in private placement life insurance, according to the memo.

Corley and Grover are industry veterans with 23 and 25 years of experience, respectively, under their belts. They had both worked at First Republic since 2013, according to FINRA BrokerCheck records.

Their team also includes Drew Bennett, a former NFL player who was a wide receiver for the Tennessee Titans for six seasons. Bennett became a registered rep in 2014 with First Republic and now serves as senior wealth strategist for the team.

AdvisorHub first reported the move. A spokesman for the First Republic was unavailable for immediate comment.

In December, UBS picked up two huge teams: a $1.7 billion duo from Goldman Sachs in Philadelphia and a $9 billion team based in Atlanta that was previously with J.P. Morgan’s private bank.

While the wirehouse continues to hire such advisors, it has also cut back on recruiting efforts overall in a bid to lower expenses. That strategy helped the company reduce its outstanding recruiting loans to FAs from approximately $3 billion at the end of 2016 to about $1.9 billion at the end of 2020.