Cresset Recruits $4B UBS Team | Industry Impact & Growth

A Significant Shift in Florida Wealth Management

Cresset, the Chicago-based Registered Investment Advisor, successfully recruited a massive private wealth team from UBS Wealth Management USA on Tuesday. This 16-person unit, previously known as the BV Group, managed $4 billion in assets for ultra-high-net-worth clients out of Boca Raton, Florida. The move marks a notable shift in the regional competitive landscape as wealth managers continue to migrate from traditional wirehouses toward independent and boutique family office models.

Michael A. Bober and Ettore D. Ventrice lead the group. Their history in the financial sector stretches back over three decades. Both advisors began their careers at Smith Barney in 1992 before moving through firms like Stillpoint Wealth, Stanford Group, and Oppenheimer & Co. They arrived at UBS in 2015, where they remained until this recent transition. Other members of the team include advisors Michael MacDonald, William Marino, Sarah Ponczek, and Alex Santos.

Rationale Behind the Move

Ventrice indicated that the culture and operating philosophy at Cresset drove the decision. He noted that the firm’s family office structure matches his team's specific vision for client service. The approach prioritizes long-term financial planning over standard investment management. By shifting to an independent RIA, the team seeks to provide services that go beyond traditional portfolio construction for their affluent client base.

This transition follows a period of administrative turnover at UBS. In May 2026, the firm restructured its Florida operations following the departure of manager Lane Strumlauf. UBS subsequently appointed Rick Penafiel to lead its South Florida market, with Tyler Hutchens taking charge of the Greater Florida region. Despite these leadership changes, the firm continues to see significant talent outflows to independent competitors and rival wirehouses.

The Broader Context of Industry Movement

The financial services industry currently experiences a period of intense advisor migration. UBS recorded the departure of at least 27 distinct teams in the first half of 2026 alone. These groups, which collectively managed roughly $28 billion in assets, have moved to competitors such as RBC Wealth Management, Rockefeller Global Family Office, and Morgan Stanley. This trend reflects the aggressive recruitment strategies employed by firms aiming to capture high-performing private wealth units.

Cresset has remained a prominent player in this recruiting environment. Since promoting former First Republic executive Susie Cranston to CEO in March 2026, the firm has accelerated its growth. It now oversees more than $260 billion in total client assets. Recent additions include a team managing $600 million from Manchester Capital Management in July and a group from Lazard Asset Management overseeing $1.1 billion. These acquisitions signal a clear intent from Cresset to establish a dominant presence in the high-net-worth segment. While UBS maintains some success in its own recruiting efforts, including the recent addition of a $300 million Morgan Stanley team in Ohio, the movement of the $4 billion BV Group stands as a significant milestone for the industry this year.