UBS bolsters upper-high-net-worth presence with $2B team

Team at Foley DeLuise & Associates

New Jersey-based boutique practice focused on affluent families leaves Merrill Lynch to join UBS.

UBS Private Wealth Management has expanded its ultra-high-net-worth presence with the addition of a multibillion-dollar advisory team.

Foley DeLuise & Associates, which is led by financial advisors Matthew Foley, Lawrence DeLuise, and Christopher Butler, brings over $2 billion in assets under management. Along with team members Jason Lipp, Deanna Wilson, Lori Macaluso, Greg Romano, Linsey Serafino, and Emily Buske, the trio of advisors is joining UBS from Merrill Lynch.

They will be based out of UBS’s Private Wealth Management office in Paramus, New Jersey, which is managed by market director Adam Kamm.

“Matt, Larry, and Chris are pillars of their community, and we are proud to welcome their team to UBS,” Christopher DiMuria, market executive for Manhattan at UBS Wealth Management USA, said in a statement.

Foley, DeLuise & Associates is recognized for offering a boutique-like experience, providing ultra-high-net-worth clients with broad global resources and tailored strategies. The practice promises services beyond traditional portfolio management to include educational programs for the next generation, philanthropic and legacy planning strategies, and family office services catering to lifestyle needs.

Foley had spent all of his nearly three-decade career in the financial services industry with Merrill Lynch, where he started in 1996. Since then, he’s earned several designations, including certified private wealth advisor and certified investment management analysis.

DeLuise, who also got his start at Merrill Lynch, has over 27 years of industry experience. A CFP, he also holds the CPWA and CIMA designations.

Butler has been in the financial services business since 2009. He focuses on next-generation and executive-track clients and is also in charge of managing the team’s corporate services platform. An MBA, he’s also earned the certified exit planner advisor designation.

Foley and DeLuise are both joining UBS as managing directors and private wealth advisors, while Butler is coming on board as a financial advisor.

Just last month, UBS landed another hefty book of business from Merrill Lynch when it welcomed Hammond Fay Bush & Associates, an advisory practice based in Northbrook, Illinois, that manages roughly $1.6 billion in client assets.