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

UBS bolsters upper-high-net-worth presence with $2B team
New Jersey-based boutique practice focused on affluent families leaves Merrill Lynch to join UBS.
FEB 09, 2024

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.

Overloading on stocks in retirement often makes sense, says Horizon CIO

Latest News

Younger Americans are changing the dynamics of IRAs
Younger Americans are changing the dynamics of IRAs

Millennials, Gen Zs are not following the preferences of older generations.

How does your schedule stack up against a typical advisor?
How does your schedule stack up against a typical advisor?

Report reveals how advisors in RIAs, broker-dealers split their time.

Global stock selloff continues into a third day
Global stock selloff continues into a third day

Tariffs are the focus as risk aversity intensifies.

Gold sets new record at $3,077 as trade war fears rise
Gold sets new record at $3,077 as trade war fears rise

Havens are in demand as investors weigh likely impact of tariffs.

Why value stocks are beating growth stocks right now
Why value stocks are beating growth stocks right now

Investor concerns have triggered the rotation, although 'the bar is low'.

SPONSORED Retirement plan balances are flourishing. Why are so many advisors missing out on a $3 trillion opportunity?

Participants who receive professional 401(k) advice see higher returns on average, net, than those who don't.

SPONSORED Focus on clients, not compliance – why Gary Corderman found his fit with Farther

This wealth management platform finally delivers on the technology promises other firms couldn't - giving advisors a better way to scale and serve