People Moves
UBS Brings Over Rival's UHNW Team
The new team managed around $30 billion in assets for UHNW clients based in Mexico.
Wealth management firm UBS Group has hired a five-person team of financial advisors from JPMorgan Private Bank, where they had managed the accounts of hundreds of ultra-high net worth clients based in Mexico, Family Wealth Report understands.
The team will be based in New York, Miami and Houston, and includes Carlos Rodriguez Aspirichaga, the former head of JP Morgan Private Bank Mexico, Miguel Barbosa, previously manager for the Mexico-region market, Ricardo Mendez, previously head of the Mexico City prospecting team, Alfonso Barros and Juan Calderón.
The hires managed $30 billion in assets at JP Morgan Private Bank.
JP Morgan Private Bank declined to comment on the story.
UBS is not the only firm looking to expand its operation in Mexico. This publication reported in January that Andbank, the Andorran private bank, is working to expand its footprint in Mexico, as well as Argentina and Brazil.
