UBS team goes indie
Largest wealth management team in San Diego.
UBS Financial Services Inc.’s largest wealth management team in San Diego has gone independent.
Ajay K. Gupta and two other partners have registered with the Securities and Exchange Commission as Gupta Wealth Management LLC.
The team managed $540 million in assets at UBS, the new firm said in a statement.
Technology access
The firm said that the move was driven by a desire for access to new technology, a broader choice in clients and independence as a fiduciary adviser to its 119 family clients, who are based around the country.
Those clients include the new-age guru Deepak Chopra.
Mr. Gupta said that becoming a registered investment adviser will allow the firm to expand the services it provides, while saving money.
He will write a seven-figure check to UBS to leave the firm, according to his spokesman, Jason Lahita, who declined to specify the amount.
Gupta Wealth Management will custody its assets primarily with Charles Schwab Advisor Services. A production figure for the team wasn’t immediately available.
Mr. Gupta began his career in Canada. His team was UBS’ largest in San Diego, according to a UBS biography that has been removed from its website.
A UBS spokesman declined to comment.
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