NEW YORK, June 3 In a big gain for a regional Texas firm, 3-year-old U.S. Capital Advisors hired five brokers over the last two weeks from UBS AG's Wealth Management Americas and JPMorgan Chase & Co, who together managed a combined $500 million in client assets.
The four-person team from UBS, led by Todd Lavergne, officially started Tuesday, May 27, while Amanda Ton, previously of J.P. Morgan Securities, began May 19.
U.S. Capital Advisors' founder and CEO Patrick Mendenhall called the hiring of Lavergne and his team, which includes Ryan Ringuet, Aaron Geller, Nick Erwin and $3.2 million in annual production, a "reunion," because they worked together at UBS.
Lavergne took over as the managing director of Mendenhall's complex at UBS when Mendenhall left in 2009 to create U.S. Capital Advisors. Lavergne led the complex for roughly a year and a half before stepping down to go into full time production at UBS, where he assembled his team.
"We have always been friends (although) we competed when I started this business and he was at UBS," Mendenhall said.
U.S. Capital Advisors is an independent firm with just under 100 employees focused on wealth management, capital markets, energy consulting and public finance in Texas. It has two additional offices in Dallas and Austin.
Ton was hired as a managing director and will also advise clients in a move to expand U.S. Capital's client base of medical professionals.
Ton spent 17 years at J.P. Morgan's branch at the Texas Medical Center and will bring with her $300 million in assets and a client base of top doctors and surgeons, Mendenhall said.
She left JP Morgan in March amid allegations that she asked her assistant to take part in certain company training programs unrelated to securities, according to records with the Financial Industry Regulatory Authority.
Ton could not be reached for comment. US Capital Advisors' general counsel Therese Surprenant said she carefully scrutinized the allegations against Ton and found no reason to be concerned about her hiring.
A spokeswoman from J.P. Morgan declined to comment on Ton's departure. UBS was not immediately available to comment. (Reporting by Elizabeth Dilts; Editing by Dan Grebler)