Ex-UBS wealth chief Tom Naratil joins Lightyear Capital

Tom Naratil, a former senior executive at UBS, is back in the wealth management industry, this time as an operating partner for a fund managed by Lightyear Capital, a private equity manager that has long focused on private investments in wealth management shops and broker-dealers.

Naratil, a 39-year veteran of UBS dating back to its Paine Webber incarnation, last fall stepped down from his roles as co-president of global wealth management and president of UBS Americas.

"We have known Tom for a long time and are thrilled that he selected to work with Lightyear," Mark Vassallo, managing partner at Lightyear Capital, said in a statement Monday.

At the start of May, Bloomberg News reported that UBS Group Chief Executive Sergio Ermotti had tapped Naratil to be a key member of the new management team, citing a report published by a Swiss newspaper, but that never came to pass.

Last month, UBS Group completed its acquisition of Credit Suisse Group and announced the various teams that will lead the bank’s businesses, including global wealth management.

Lightyear has a history of investing in wealth and asset management. Its current investments include Allworth Financial, Cerity Partners and Wren Sterling. In the past, it has invested in Advisor Group, Cetera Financial Group, Clarion, Ridgeworth Financial and Wealth Enhancement Group.