UBS reels in $3B team from Goldman Sachs

UBS is expanding its Washington, D.C. office with the addition of three ex-Goldman Sachs advisors who managed $3 billion in client assets, according to the wirehouse.

The team includes advisors John Hanley, Colin McKay, and Michael Francis. The group is rounded out by Karlyn Wright, a trusts and estates specialist, Louis McCabe, a senior wealth strategy associate, and Katherine Andes, a team administrator.

The move is one of the largest of the year thus far. Other major moves have included Stifel’s addition of a former UBS team that managed $1 billion in assets, and an ex-Morgan Stanley team with $1.4 billion in assets that went independent with Insigneo. Raymond James also lost a $1 billion team to UBS.

Hanley, a CFA, spent 15 of his 18 years in the business at Goldman Sachs, according to FINRA BrokerCheck records. Francis, a U.S. Naval Academy graduate, and McKay spent the past decade at Goldman.

Prior to Goldman, McKay spent 10 years as an investment banker in the Bay Area, according to UBS.

"We continue to focus on recruiting and retaining the most productive financial advisors in the industry,” John Mathews, head of ultrahigh-net-worth Americas and private wealth management at UBS, said in a statement.

He added that the firm’s platform and capabilities are drawing talent such as the former Goldman Sachs team.

A spokesperson for Goldman Sachs declined to comment.