Dynasty Financial Partners added another breakaway firm to its expanding roster, but the transition came with extra baggage.
Procyon Partners, formerly a team known as the FDG Group while at UBS, launched in June and operates under two separate RIAs — one for its institutional investment consulting practice and the other for its personal wealth management group.
At UBS the Procyon team managed over $8 billion in institutional assets and over $400 million in private wealth assets, generating approximately $6 million in annual revenue, according to a spokeswoman.
UBS filed a lawsuit for a temporary restraining order and a preliminary injunction against the Shelton, Connecticut-based firm. The lawsuit alleged that Procyon's founding partners violated the Protocol for Broker Recruiting by "aggressively soliciting" UBS clients to leave the firm and do business with Procyon.
In July, a federal judge ruled that while Phil Fiore and the three other founders of Procyon Partners may have violated their non-solicitation agreements, the grievances did not merit a restraining order.
Connecticut District Judge Victor Bolden denied UBS’ motion, citing no possible “irreparable harm” that would result without a court order.
“The court’s sweeping decision is a welcome development and the principals of Procyon look forward to continuing to focus on the growth of Procyon Partners,” a spokeswoman for the firm said in a statement.