It's amazing what a force a little-ole RIA-B/D can become. A certain person in a position to know called our longtime contributor Susan Konig to tell her that a former UBS complex manager Pat Mendenhall, who created a hybrid called U.S. Capital Advisors in Houston with $1 billion in AUM, has arguably built the country's foremost energy consultant firm by hiring David King.
UBS chairman's club producer David King, a well-respected energy analyst, will head the new energy capital markets team at U.S. Capital Advisors. The deal was closed this morning. The team has $20 million in revenue from institutional accounts; private clients generate almost $3 million in production on $500 million in assets under management. King brings Barry Guinn and Rae Lees from UBS. King's group was known as an industry leader in energy reserach and wealth management business at UBS. The institual clients they consult for have collectively $300 billion, says our source. Reserach Analyst Becca Followill -- former head of research at Tudor Pickering -- will join them to complete the new energy unit of U.S. capital. "This is huge," says our source. "David King was a rockstar and U.S. Capital will now be the energy consultant in Houston, which means the country."