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, wealth management, gupta, wirehouse, breakaway, chopra
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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.

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