Rockefeller Hires $4-Million UBS Broker in San Francisco
(Updated in third paragraph with name of younger broker who moved along with Tenenbaum.)
Rockefeller Capital Management on Friday made its first wealth management encroachment into the West Coast, hiring a 26-year brokerage veteran who produced about $4 million for UBS Wealth Management USA in the past 12 months.Bruce Tenenbaum, a San Francisco advisor servicing multi-million dollar individual investors in UBS’s private wealth group, joined Rockefeller, according to two people familiar with his move and his practice metrics.
Tenenbaum, who spent 15 years with Goldman Sachs private wealth group before joining UBS in May 2009, could not be reached for comment. At UBS, he was a member of the firm’s “Chairman’s Club,” its second-highest recognition club for big producers, said a person familiar with his production-based ranking. Also making the move was Andy Lam, who began his career as a broker in 2015 with UBS, according to his BrokerCheck record.
They are the first private wealth advisors that Rockefeller has hired on the West Coast since former Merrill Lynch veteran Anthony Grosso joined in December to set up and recruit into its San Francisco office. Grosso did not immediately return a request for comment.
Rockefeller, the former family office of John D. Rockefeller’s heirs, recapitalized itself through private equity firm Viking Global Investors last year and hired former Morgan Stanley Wealth Management President Greg Fleming as chief executive.
Fleming, who also worked as a financial institutions banker at Merrill Lynch and briefly served as its president during the financial crisis, has recruited managers and strategists to build out a broad wealth business servicing wealthy investors, families and business executives.
Its private wealth unit in the past eight months has hired seven teams of advisors, in addition to family-office recruits. The wealth teams include two groups in Atlanta from UBS who collectively produced just under $30 million and two in the same city from Merrill Lynch who had been generating more than $15 million. Rockefeller also hired a father-and-son team in New York City and Salt Lake City from HighTower Wealth Partners.
Tenenbaum’s departure from UBS follows the exit of more than 100 other “regretted losses” at the U.S. wealth division of the Swiss banking giant in the past six months, according to an April document reviewed by AdvisorHub.
UBS has radically cut its recruiting budget for experienced U.S. brokers in recent years, substituting bonuses rewarding retention and asset-building. A UBS spokesman in the United States did not respond to a request for comment on Tenenbaum’s exit, or on the firm’s efforts to build loyalty among its approximately 6,300 advisors in the U.S.