March 23, 2018 / 9:28 PM / 6 months ago

UBS Wealth Management lands mega-group from JPMorgan's private bank

NEW YORK (Reuters) - UBS Group AG has hired a five-person team of financial advisers away from JPMorgan Chase & Co’s private bank, where they had managed the accounts of hundreds of ultra-wealthy clients based in Mexico, according to a UBS memo seen by Reuters on Friday.

The high-profile hires managed $30 billion at J.P. Morgan Private Bank, according to Investment News, and join the world’s largest wealth manager at a time of otherwise lean recruiting at its U.S. wealth business.

The team will be based in New York, Miami and Houston, and includes Carlos Rodriguez Aspirichaga, the former head of J.P. Morgan Private Bank Mexico, Miguel Barbosa, previously manager for the Mexico-region market, Ricardo Mendez, previously head of the Mexico City prospecting team, Alfonso Barros and Juan Calderón.

JPMorgan spokeswoman Kaitlin Finnerty declined to comment on the departures.

The five managing directors join amid a global push at UBS to bridge what had previously been separate international businesses in the Americas, Europe and Asia.

Earlier this year, the Swiss bank named Sylvia Coutinho the head of UBS’s wealth management in Latin America. Coutinho, who had been chairwoman of UBS Brazil, replaced Alejandro Velez, who had been named to the post in March 2017.

Reporting by Elizabeth Dilts; Editing by Matthew Lewis

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