UBS hires $1.7B duo from Goldman Sachs

UBS is closing the year with a bang.

The wirehouse recruited two advisors who oversaw $1.7 billion in client assets while at Goldman Sachs. In doing so, UBS built on several recent big hires at the firm.

Earlier this month, the firm picked up a private banking team from JPMorgan that oversaw $9 billion in client assets. UBS also enticed over a Merrill Lynch team that managed $920 million.

The two former Goldman Sachs advisors, Scott Belveal and Adam Lambert, will join UBS in Philadelphia after serving out their garden leave, according to the wirehouse.

Moving with them are Max Hine, relationship manager; Kendal Glatthorn, team business manager; and Ray Farnesi, wealth strategy associate.

“Scott, Adam and their team bring decades of experience working with ultrahigh-net-worth clients and we are pleased to welcome them to UBS,” Julie Fox, Northeast private wealth market head at UBS Global Wealth Management, said in a statement.

Belveal had been registered with Goldman Sachs for 20 years, according to FINRA BrokerCheck records. He served six years as an infantry officer in the U.S. Army, according to UBS.

Lambert had been with Goldman Sachs for a decade. Prior to that, he worked for five years at insurance company Marsh McLennan, according to UBS.