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The latest in financial #AdviserTech — October 2022
DPL Financial Partners’ $20 million in additional capital, Ethic Investing’s $50 million Series C round, and the demise of UBS’ deal for Wealthfront are among the highlights of this month's roundup.
UBS nabs $1 billion Morgan Stanley trio
The three-adviser, five-person team, Narragansett Bay Group, makes the switch in Providence, Rhode Island.
Morgan Stanley advisers managing $1.4 billion move to UBS
Two soloists and a team make the switch in Northern California.
Finra slaps UBS with $2.5 million fine over short-selling violations
It's the second time in as many weeks that Finra has penalized a firm for such trading problems.
10 advisers managing $2.85 billion join UBS from Merrill
The advisers, who work with high- and ultra-high-net-worth families and institutions, join the firm in Washington, D.C.
After Wealthfront, UBS dusts off plan to stress banking, tech and productivity
It's back to an 'organic plan' for the bank's wealth management business in the United States, says Iqbal Khan, co-president of UBS Global Wealth Management.
Ethic raises $50 million in Series C round
UBS participated in the funding round for the provider of direct indexing, which oversees more than $2 billion in assets.
End of Wealthfront deal dents UBS growth plans in US
The acquisition of the robo-adviser was the centerpiece of UBS CEO Ralph Hamers' focus on broadening the wirehouse's wealth management offering.
UBS and Wealthfront terminate acquisition plans
Instead, UBS is purchasing a $69.7 million note that is convertible into Wealthfront shares, an investment that values the robo-adviser at $1.4 billion.
UBS duo managing $600 million bolts for Cadaret Grant
Anthony Mona and Joseph Mansoor make the switch in Birmingham, Michigan, through OSJ Spartan Wealth Management.
iCapital acquires UBS legacy alternative investment feeder fund platform
The fintech has purchased UBS Fund Advisor, the wirehouse’s legacy proprietary U.S. alternative investment manager and feeder fund platform that represents $7 billion in client assets.
Fintech Bytes: Dynasty partners with Pontera, Orion joins up with Apex
A roundup of the week's fintech news for financial advisers.
UBS duo managing $770 million goes indie with Sanctuary
The pair have opened Marble Wealth in Montgomery, Alabama, and have been joined by Adam Rogers, previously a portfolio manager at Retirement Systems of Alabama.
SEC fines J.P. Morgan, UBS, TradeStation total of $2.5 million for lax ID theft prevention
Each of the firms failed to comply with the agency's rule on identify theft red flags.
Naureen Hassan brings deep tech expertise to guide UBS digital shift
Hassan, who will succeed Tom Naratil as president of UBS Americas, has served as Morgan Stanley’s chief digital officer and led the launch of Schwab’s robo-adviser.
Tom Naratil to leave UBS
Iqbal Khan, who had served as co-president of Global Wealth Management with Naratil, was promoted to president. Naureen Hassan will succeed Naratil as president of UBS Americas.
Wirehouses ready for their ‘Empire Strikes Back’ moment on adviser fintech
Morgan Stanley revealed its fully armed and operational adviser fintech ecosystem at a recent media event in New York City.
UBS considers promoting Khan to sole wealth management head
The move would potentially position Iqbal Khan as the eventual successor to CEO Ralph Hamers.
Reslicing the profit pie at Wells Fargo
If the pie keeps growing, wirehouse brokers probably won’t mind getting a relatively smaller slice.
UBS to pay punitive damages in $1.3 million arbitration loss over options strategy
The award contains two unusual features: $500,000 in punitive damages to the clients and a two-to-one split decision among the three-person panel.
