UBS is adding to its private wealth headcount with the recruitment of a $1.7 billion advisory team from an AllianceBernstein affiliate in Philadelphia.
The Swiss banking giant announced Thursday that it's bringing the team headed by three advisors each with more than a decade of industry experience over from Bernstein Private Wealth Management, AllianceBernstein's wealth business. They'll work from UBS's Philadelphia office, which the firm opened in August.
The leaders of the team are Charles B. Lynch, who has been at AllianceBernstein and its predecessor, Sanford C. Bernstein, since 2007; Elijah Dornstreich, who's been with those firms since 2011; and Ryan A. DePaul, who started at ING Financial Partners in Philadelphia in 2009 and joined Sanford in 2013.
Lynch specializes in working wealthy families, business owners, athletes and nonprofit groups. Before joining the wealth management industry, he held executive positions at the manufacturer S.S. White and medical device company Surgical Laser Technologies.
Dornstreich is a specialist in pre-transaction planning for business owners and families. Before joining Sandord, he founded Capital Business Partners, a lending firm for small businesses.
DePaul specializes in advising wealthy clients, business owners and corporate executives on wealth planning, wealth transfers and charitable giving. Joining the three team leaders at UBS will be Frank Ruggiano, Michaela O'Connell and John "Jack" Ramirez, all of whom have been with Bernstein for less than three years.
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"We are proud to expand our team in Philadelphia, which is a growing and productive region for our business," Julie Fox, the Philadelphia D.C. market executive at UBS Private Wealth Management, said in a statement.
A representative of Bernstein Private Wealth Management did not immediately respond to a request for comment.
