Rockefeller Lures UBS Advisor in Los Angeles with $600-Million Book
Rockefeller Capital Management, the expanding East Coast family office run by former Morgan Stanley and Merrill Lynch executive Greg Fleming, has added another wirehouse broker to seed its private wealth management outpost in Los Angeles.
Michael P. Wallace left UBS Wealth Management Americas in Los Angeles on Friday after 11 years at the firm’s private wealth unit for very rich individuals and families. A solo practitioner who moved with his client associate, Sofia Trojanowski, Wallace was generating $2 million in 12-month trailing revenue on about $600 million of assets at UBS, according to a person familiar with the move.
He is the second broker to join Rockefeller’s Los Angeles office, and the 13th to join the private wealth management arm of the business whose name screams family wealth since Fleming took the reins in early 2018.
Wallace, 42, works with a relatively small group of clients, including some Europeans, the person said. The broker, whose UBS biography said he began his career on Lehman Brothers’ fixed-income and equity derivatives desk and launched UBS Private Wealth’s “international cash management business,” could not be reached for comment.
He is based in Los Angeles, but also was registered at UBS outposts in San Diego and Jacksonville, Fla., according to his BrokerCheck history.
UBS spokespeople did not immediately respond to requests for comment on Wallace’s departure. UBS in the second quarter had a net decline of 101 advisors throughout the Americas, failing to offset selective hires.
Rockefeller three weeks ago recruited Pedro Marti, a $5 million producer at Wells Fargo Advisors as its first Los Angeles broker. He and Wallace report to Nathan Crair, a longtime Merrill Lynch complex director who joined Rockefeller in August to lead private wealth management recruiting in southern California. Wallace was recruited by Chris Dupuy, a longtime Merrill Lynch wealth manager who Fleming recruited last as chief operating officer of the wealth unit. (Former Merrill Silicon Valley executive Anthony Grosso runs Rockefeller Capital’s San Francisco office,)
Fleming has used a cash infusion from private equity firm Viking Global Investors, Rockefeller’s new majority owner, to expand the firm from a multi-family office to broader “private wealth management” services for individuals and corporate executives and managers.
In addition to hiring brokers in New York, Atlanta, Dallas, Washington, DC, San Francisco and Los Angeles from Merrill, Morgan Stanley and UBS, it is buffering the family office business with plans to buy Financial Clarity Inc., a Silicon Valley multi-family office overseeing about $2.3 billion, by the end of this year.