Raymond James and the $8 billion Dynasty agency Procyon Companions each snatched advisors managing tons of of hundreds of thousands in consumer belongings from UBS this week in separate strikes.
In a single case, Procyon Companions employed Mark Sullivan from UBS to hitch the agency as a senior vice chairman and senior personal wealth advisor, working out of its Shelton, Conn., location.
Sullivan spent over 10 years at UBS, managing about $800 million in consumer belongings and oversaw $300 million in retirement belongings at UBS. He focuses on working with first-generation entrepreneurs; Procyon CEO and co-founder Phil Fiore mentioned he noticed Sullivan as an important factor of the agency’s progress technique.
A crew of UBS advisors began Procyon after leaving the dealer/seller in 2017. The group consisted of Fiore, Jeff Farrar, Lou Gloria, Tom Gahan and Chris Foster. Collectively, they made up the FDG Group at UBS, overseeing greater than $8 billion in institutional belongings and $400 million in personal belongings.
The agency has over 50 workers and places of work in Connecticut, New York Metropolis, Lengthy Island, West Palm Seaside, Tennessee and Maryland. It has almost $8 billion in consumer belongings and continues to work in each the institutional and personal wealth areas (although most of its enterprise is on the personal wealth aspect).
Final month, the agency employed Wealthy Franchella as senior vice chairman of enterprise growth to strengthen its capability to recruit prime advisors (Franchella was beforehand an advisor recruiter at Baird). In 2021, Procyon merged with the $400 million Virginia Seaside-based Pivotal Planning. The deal was the primary merger between two Dynasty Monetary Companions corporations.
In a separate transfer, St. Petersburg, Fla.-based advisor Mary Lauritano opted to depart UBS and be a part of Raymond James’ worker advisor channel, designed for breakaway wirehouse advisors. Lauritano manages about $525 million and can be joined by consumer service associates Natalia Morales and Melody Worth.
In accordance with Lauritano, choosing Raymond James got here after “in depth due diligence,” lauding the agency’s “client-first, people-centric tradition” in an announcement concerning the deal.
“Moreover, we had been significantly drawn to the agency’s conservative enterprise philosophy, monetary power, dedication to sturdy moral requirements and neighborhood assist,” she mentioned within the assertion.
In accordance with her LinkedIn profile, Lauritano started working for the funding financial institution Brown Brothers Harriman & Co. within the late Eighties. In accordance with SEC information, she joined Lehman Brothers in 2000 earlier than leaving for UBS in 2005, the place she stayed for about 19 years.
At her present apply, Lauritano works with high-net-worth people, households and enterprise house owners, and she or he’ll be based mostly out of Raymond James Carillon department in St. Petersburg.
