Tom Naratil, former co-president of UBS Global Wealth Management, has joined Lightyear Capital, a private equity firm that has backed several wealth management companies, as operating partner to Lightyear Fund V.
In the role, Naratil will support growth and investments in the wealth management segment. Lightyear currently has investments in Allworth Financial, Cerity Partners and Wren Sterling. Prior investments include Advisor Group, Cetera, Clarion, RidgeWorth Financial and Wealth Enhancement Group.
Naratil previously spent his 39-year career at UBS, starting as a corporate intern before rising to senior management positions. Most recently, he served as co-president of UBS Global Wealth Management and president of UBS Americas, before stepping down in October 2022.
Co-president Iqbal Khan took over as sole president of global wealth management, and UBS hired Naureen Hassan, former Federal Reserve Bank of New York executive and former chief digital officer for Morgan Stanley Wealth Management, as head of its Wealth Management Americas business.
In April, Bloomberg reported that Naratil was in talks with UBS CEO Sergio Ermotti about returning to the bank.
“Lightyear is well-positioned to identify and create value in the future growth of asset and wealth management,” Naratil said in a statement. “I have known members of the firm for over three decades and I’ve been continuously impressed with Lightyear’s financial services acumen, the quality of their team and the firm’s culture.”
Lightyear and other private equity firms have made significant investments in the wealth management industry. Echelon Partners’ recent RIA M&A Deal Report found that in the second quarter of this year, private equity firms made direct investments in wealth managers with assets totaling $350.6 billion, more than double the same figure from 2022.