UBS nabs $2 billion team from BofA private bank

The seven-person group will join its Newport Beach, California, office.

A seven-person team managing $2 billion at Bank of America’s private bank has joined UBS in Newport Beach, California.

The team is led by Thomas J. Nieto, a 25-year veteran of BofA’s private bank and its predecessor, U.S. Trust, and Frederick D. Grand Jr.

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