Cresset, a Chicago-based RIA, on Tuesday reeled in a team managing $4 billion in assets at UBS Wealth Management USA’s private wealth unit serving ultra-rich clients, according to an announcement.
The 16-person team, led by Michael A. Bober and Ettore D. Ventrice, joined Cresset in Boca Raton, Florida, according to the announcement. The team also includes advisors Michael MacDonald, William Marino, Sarah Ponczek and Alex Santos.
“Cresset’s family office approach closely aligns with how we have always believed wealth should be managed—with a comprehensive, long-term perspective that extends well beyond investment management,” Ventrice said in a statement.
At UBS, the team was called the BV Group, according to their former firm website. Bober and Ventrice both started with Smith Barney in 1992 and worked at Stillpoint Wealth, Stanford Group and Oppenheimer & Co. before moving to UBS in 2015, according to BrokerCheck.
Neither broker immediately responded to requests for comment sent through social media.
A UBS spokesperson declined to comment.
UBS in May restructured its Florida market as veteran manager Lane Strumlauf stepped down. The wirehouse recruited veteran J.P. Morgan Advisors manager Rick Penafiel, who is based in Boca Raton, to oversee a new South Florida market, and named Tyler Hutchens to run its Greater Florida market.
UBS lost at least 27 teams managing $28 billion in assets in the first six months of this year, according to an AdvisorHub tally. Those defectors joined firms such as RBC Wealth Management, Rockefeller Global Family Office and Morgan Stanley, among others.
The Swiss-owned brokerage, however, has lured in some recruits. Earlier this month, it landed a team managing $300 million from Morgan Stanley.
Cresset, which oversees more than $260 billion in client assets, has also been an aggressive recruiter since it in March promoted former First Republic executive Susie Cranston to CEO. In July, Cresset snagged an advisor managing $600 million from Manchester Capital Management and a team overseeing $1.1 billion from Lazard Asset Management.
Show me another major firm that has hemorrhaged this much talent and revenue in the same amount of time and survived. I’ll wait.
Think of all the hits the rudderless Bismarck took before it sank.
They were at 4 firms averaging 8.5 yrs at each.
Jumping for a check over the years and now looking for equity at the end of the partners run.
May be difficult moving UHNW clients to a no name RIA.
I’m going to guess it won’t be. These guys are the reason for those UHNW relationships, not UBS. They’ve monetized beautifully throughout their careers, kudos to them.
I don’t think they will have any problem articulating reasons to move, and I wager that they will move the majority of the assets., 4 billion AUM and having moved 4 times before.
Only in America!
Facts Only
* Cresset reeled in a team managing $4 billion in assets at UBS Wealth Management USA's private wealth unit.
* The team consisted of 16 people, led by Michael A. Bober and Ettore D. Ventrice, plus Michael MacDonald, William Marino, Sarah Ponczek, and Alex Santos.
* Ventrice noted Cresset’s family office approach aligns with a comprehensive, long-term wealth management perspective.
* The team was designated the BV Group at UBS.
* Bober and Ventrice began their careers at Smith Barney in 1992 and worked at Stillpoint Wealth, Stanford Group, and Oppenheimer & Co. before moving to UBS in 2015.
* UBS restructured its Florida market in May following Lane Strumlauf's departure.
* UBS lost at least 27 teams managing $28 billion in assets in the first six months of the year.
* Cresset has attracted talent, including a team managing $300 million from Morgan Stanley and a team overseeing $1.1 billion from Lazard Asset Management.
* Cresset oversees more than $260 billion in client assets.
Executive Summary
Full Take
The narrative juxtaposes the success of a firm aggressively recruiting high-value talent against reported losses experienced by larger institutions, setting up an implicit contrast between organizational stability and agility. The speculation about why UHNW clients move is crucial; the text suggests that the value proposition for these advisors lies not in institutional affiliation (like UBS) but in the demonstrated ability to manage wealth effectively, a sentiment reflected in the dismissive tone toward external mandates. This implies a hierarchy of value where demonstrable capability outweighs brand affiliation for ultra-high-net-worth individuals. The embedded commentary regarding past organizational failures ("hits the rudderless Bismarck took before it sank") suggests a pattern recognition that successful firms capitalize on systemic instability. The underlying implication is that market dynamics and demonstrated success create alternative, more attractive frameworks for high-level professionals, irrespective of the broader economic context or institutional stability statistics.
BRIDGE QUESTIONS: What specific contractual or relational factors drive the decision process for UHNW advisors when moving assets? How do firms successfully translate past performance into future client retention beyond mere service delivery? What constitutes the 'long-term perspective' that fundamentally differentiates a family office approach from standard investment management?