Four advisors managing $1.3B in client assets are leaving Bank of America Private Bank for UBS, adding to the Swiss bank's push to rebuild U.S. wealth inflows.
A four-person advisory team in Tampa, Florida, is leaving Bank of America Private Bank for UBS, bringing about $1.3 billion in client assets with them.
The advisors – Jesse Flatt, Lea Ann Drew, Brandon Burns and Carlos Rodriguez – have a combined 100 years of industry experience, UBS said. They will report to Tampa Bay Senior Market Director Jack Heiss within UBS's Greater Florida/Gulf Coast market.
Heiss said the team built its practice around ultra-high-net-worth clients and business leaders. UBS Southeast Regional Director Julia Fox said in a statement that the advisors have "spent decades building deep relationships throughout the Tampa community."
Flatt has nearly 20 years in the industry, with earlier stops at Invesco, BlackRock, Morgan Stanley and Merrill Lynch. Before joining Bank of America Private Bank as a senior portfolio manager, he was a portfolio manager at RBC Rochdale. Drew started her career at Barnett Bank in St. Petersburg in 1988 and spent nearly 15 years at Bank of America Private Bank as a senior trust officer, with earlier roles at Wells Fargo Private Bank and SunTrust.
Burns was also a portfolio manager at RBC Rochdale before moving to Bank of America Private Bank in 2022, where he served as a market investment executive and senior portfolio manager covering Central and North Florida. Rodriguez spent 30 years in wealth management, including 14 years at SunTrust and the previous 12 at Bank of America Private Bank as a wealth strategies advisor.
The team will work with families, individuals and executives on investment management, estate planning, tax strategy and asset allocation, UBS said.
The hires come as UBS's Americas business works to rebuild asset inflows. The unit pulled in $5.3 billion in net new client money during the first quarter, its first positive quarter after three straight periods of outflows. CEO Sergio Ermotti said in May the bank's U.S. arm could pursue acquisitions to accelerate growth.
Ermotti said in January he expects to step down by spring 2027 and prefers an internal successor. Candidates include Chief Operating Officer Beatriz Martin, asset management head Aleksandar Ivanovic, and wealth management co-leaders Iqbal Khan and Robert Karofsky.
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