Largest wealth group at UBS in San Diego goes independent

Ajay Gupta and partners managed $540 million at wirehouse; clients include new-age guru Chopra

Oct 7, 2013 @ 3:44 pm

By Trevor Hunnicutt

UBS Financial Services Inc.'s largest wealth management team in San Diego has gone independent.

Ajay K. Gupta and two other partners have registered with the Securities and Exchange Commission as Gupta Wealth Management LLC. The team managed $540 million in assets at UBS, the new firm said in a statement.

The firm said the move was driven by a desire for access to new technology, a broader choice in clients and independence as a fiduciary adviser to its 119 family clients, who are based around the country. Those clients include the new-age guru Deepak Chopra.

Mr. Gupta said becoming a registered investment adviser will allow the firm to expand the services it provides, while saving money.

Mr. Gupta will write a seven-figure check to UBS to leave the firm, according to his spokesman, Jason Lahita, who declined to specify the amount.

Gupta Wealth Management will custody its assets primarily with Charles Schwab Advisor Services. A production figure for the team was not immediately available.

Mr. Gupta began his career in Canada. His team was UBS' largest in San Diego, according to a UBS biography that has been removed from their website.

A UBS spokesman declined to comment.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

INTV

Why broker-dealers are on a roll

Deputy editor Bob Hordt and senior columnist Bruce Kelly discuss last year's bounce-back for IBDs.

Latest news & opinion

Things are looking up: IBDs soared in 2017

With revenue up, interest rates rising and regulation easing, IBDs are soaring.

SEC advice rule may give RIAs leg up over broker-dealers

Experts say advisers will be able to point to their role as fiduciaries as a differentiator in the advice market.

Brokers accept proposed SEC rule on who can call themselves an adviser

Some say the rule will clear up investor confusion, but others say the SEC didn't go far enough.

SEC advice rule: Here's what you need to know

We sifted through the nearly 1,000-page proposal and picked out some of the most important points.

Cadaret Grant acquired by private-equity-backed Atria

75-year-old owner Arthur Grant positions the IBD for the 'next 33 years.'

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print