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$6 Billion Team Leaves Goldman Sachs for UBS Private Wealth Management

The private wealth management team is led by Denis Cleary and Gregory Devine and will maintain its offices in Boston and Los Angeles.

A private wealth management team with more than $6 billion in assets under supervision at Goldman Sachs is joining UBS Private Wealth Management. Headed by Denis Cleary and Gregory Devine, the team will continue to work with its clients spanning more than 25 states in the U.S.

In addition to Cleary and Devine, the firm includes four analysts and will maintain its offices in Boston and Los Angeles.

“Known for being one of the largest teams in the country under the age of 50, we’re proud to have them on board here at UBS to bring a differentiated view for our clients,” said John Mathews, the head of Ultra-High Net Worth Americas and Private Wealth Management at UBS.

Cleary, who will run the Boston office, has been in the industry for 14 years and focuses on clients from sectors that include technology, health care, family business and real estate. Devine, with 16 years in the private wealth management industry, will head the Los Angeles office, and specializes in the technology, private equity, venture capital and family business sectors.

Late last month, UBS Private Wealth welcomed Wickham Cash Partners, with more than $10 billion in assets under management, into the fold. The acquisition came in the midst of a busy month for UBS; in addition to announcing plans to open a new Miami office to supplement its wealth management work in Latin America, the bank is seeking a new CEO to succeed outgoing executive Sergio Ermotti. The bank is also in the midst of overhauling its global wealth management division, cutting 500 jobs (or about 2% of the bank’s total wealth management workforce).

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