$3.5B UBS Team Breaks to RIA Space with San Francisco-Based Beacon Coast

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A squad that antecedently managed astir $3.5 cardinal successful lawsuit assets astatine UBS has launched Beacon Coast Partners, an autarkic registered concern advisor successful San Francisco, Calif., the steadfast announced Monday.

Founding managing partners Michael Evans and David Jasper pb the five-person RIA, which serves ultra-high-net-worth individuals and families navigating important liquidity events. The duo had been with UBS for implicit 22 years earlier making the jump, and present owns the steadfast on with 3 different partners, according to its Form ADV. The steadfast is utilizing Fidelity Investments for custody.

"You tin walk years gathering thing without liquidity, without certainty, and past everything changes astatine once," Evans said successful a statement. "That modulation introduces a caller acceptable of decisions, and those decisions often transportation semipermanent consequences. Our enactment is built astir helping clients navigate that infinitesimal with clarity and structure."

The steadfast specializes successful moving with founders, executives and aboriginal employees whose wealthiness is tied to a azygous institution and who are preparing for oregon person precocious completed a liquidity event, according to the announcement.

Beacon Coast begins moving with clients earlier liquidity occurs, including enactment connected plus allocation, currency travel modeling and taxation and property planning.

The steadfast serves a constricted fig of clients and operates arsenic a fiduciary without proprietary products oregon organization mandates, according to the announcement.

The squad represents the latest exodus of advisors from wirehouse UBS, which has been struggling with attrition successful caller years, partially stemming from compensation changes the slope made to trim costs.