A team managing $1.5 billion in assets at UBS Wealth Management USA split from the wirehouse to join RBC Wealth Management in Palm Beach Gardens, Florida, a spokesperson confirmed.
The Focus Wealth Management team, which is led by advisors James “Trey” Mahoney III, Peter H. Foley, Jr. and Justin D. Warzala, joined RBC on Wednesday. They moved with support staff Lori DeJesus, Will Garrett, Paula Echeverry and Thomas Cooper.
The group formed the core of a larger team at UBS that began splintering this year, according to a source familiar with the practice. John J. Marvin left in February to join Wells Fargo while Philip A. Jordan joined Raymond James Financial earlier this month, according to registration records.
The group together had around $10 million in revenue, which placed them near the highest pay rates that UBS had offered until it reworked team bonuses under its 2025 compensation plan to more closely resemble industry peers, according to the source.
A spokesperson for UBS was not immediately able to comment. The wirehouse in the first six months of this year lost at least 27 teams managing $28 billion in assets to rivals, according to an AdvisorHub tally of reported and announced moves.
Not all client assets follow their advisors, and UBS reported on Wednesday that it added a net $900 million in assets during the second quarter. Executives also stood by their prediction that attrition will moderate in the second half of this year, and the firm on Monday said it recruited a Bank of America Private Bank team that had overseen $1.3 billion in Tampa, Florida.
Members of the Focus team could not immediately be reached for comment. At RBC, they report to Florida Complex Director Ken Ross, who in a statement said that they were looking for “direct access to local leadership and a culture where the client always comes first.”
RBC hired a Morgan Stanley team managing $646 million to Ross’ market in January.
Mahoney and Warzala started their careers with UBS in 2012 and 2015, respectively, according to BrokerCheck. Foley first registered with Merrill Lynch in 1995 and moved to UBS in 2013.
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