The day after a UBS Financial Services Inc. team managing $4.8 billion said it had left to set up its own registered investment adviser, UBS said it had hired a group of stalwart bankers from J.P. Morgan Private Bank in Atlanta.
The group, led by Jeff Lewis, Steve May and John McColskey, has $9 billion in client assets under management, according to an industry source who asked not to be identified. It's not clear how much of that amount will eventually wind up at UBS.
All three will have the title of managing director, according to a statement from UBS announcing the hiring.
Lewis had been with J.P. Morgan since 2004, according to his BrokerCheck profile. May and McColskey had worked at J.P. Morgan since 2008 and 2015, respectively.
At J.P. Morgan's Private Bank, Lewis led a team that provided advice on portfolio construction, asset allocation, manager selection and opportunistic trading across both public and private markets, according to UBS.
A spokesperson for J.P. Morgan decline to comment.
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