Managed Money Champion Paul Hatch Exits UBS
Paul Hatch, who lost his role as UBS Wealth Management Americas’ Northeast division director in December, is returning to his money-management roots.
A charismatic proselytizer for brokerage firms’ wrap account programs, Hatch has started a consulting firm with two other asset management distribution veterans—former BlackRock U.S. Wealth Advisory head Frank Porcelli and former UBS Wealth Americas “advice and product platform” head Jeff Miller.
“We believe that these businesses are all converging together, and that the primary driver of that is, obviously, technology,” said Hatch, whose brokerage and investment advisor registration with UBS officially expired this week.
The Annapolis graduate, who began his civilian career at E.F. Hutton in 1985 and remained with its Lehman Brothers, Smith Barney and Morgan Stanley successors for 28 years, straddled the product and broker-management world at UBS.
He joined the wirehouse in 2014 as head of advice and solutions—the nexus between asset management firms striving to get on the UBS platform and its more than 6,000 brokers. In 2017, he took to the “field” as head of the firm’s Northeast division. That stint ended eight months ago when UBS eliminated it and two other sales regions.
A company spokesman said at the time that it was searching for new roles for the executives that ran the defunct divisions. Heather Crist and Craig Vandegrift—the two other managers—remain at UBS. Crist, who ran the Midwest region, is now head of “field engagement” in Chicago, according to her LinkedIn profile. Vandegrift, a 13-year UBS veteran who ran the Central Rockies division, is now “market area manager” for UBS Wealth’s Houston branch, according to his UBS website.
“I really enjoyed the years I was part of UBS,” said Hatch, noting his aim to work with the firm and its advisors in his new venture. “I am a strong supporter of the wealth management business from the independent model to the wirehouse.”
Hatch, who has moved to Dallas from New Jersey, took an earlier stab at building a consulting business.
In the year between his 2013 departure from Morgan Stanley and his arrival at UBS, he formed KNUU Investment Solutions to help asset managers create ‘absolute return,’ ‘cheap beta’ and ‘intelligent alpha’ funds for sales through advisers, according to his LinkedIn profile.
His new venture has signed up a “well-established” fintech business in Silicon Valley as its first client, Hatch said. He declined to name the firm.
Porcelli, who retired from BlackRock’s retail distribution unit last year, is based in New York.
Miller, who left UBS three years ago and served briefly as president of SharesPost, a marketplace for trading private securities, is based in Boston.