An Orange County, Calif.-based agency managing about $1.2 billion in consumer belongings is becoming a member of Sanctuary Wealth from UBS.
Dial Sq. Personal Wealth was based by Jim Chiate and Tony Guianne, who first partnered at Merrill Lynch in 2003 earlier than becoming a member of UBS in 2013. They’ll be joined by Owen Galasso, as vice chairman, registered operations supervisor, and Nazgol Nekoomaram, as vice chairman, wealth affiliate. The crew will custody with Schwab and Goldman Sachs.
In keeping with Chiate, the agency didn’t make the choice to go impartial evenly, however as soon as they did, Sanctuary turned “the apparent alternative.”
“Whereas we may have simply moved to a different conventional wirehouse or personal financial institution, as soon as we understood the evolution of the impartial house during the last decade, we couldn’t ignore the worth independence would offer to our purchasers,” Chiate mentioned.
In keeping with Chiate, the transfer to Sanctuary gives back-office assist with entry to different investments, tax mitigation methods and philanthropic legacy constructing.
Sanctuary acts as a hybrid RIA, with greater than 125 associate corporations in 32 states on the platform (totaling over $55 billion in belongings both on its platform or in transition). The agency has backing from the Italy-based asset supervisor Azimut, in addition to Kennedy Lewis Funding Administration.
Prior to now 12 months, Sanctuary introduced in 16 associate corporations with over $10 billion in belongings, together with 1280 Monetary Companions, one other former UBS crew managing about $2 billion with places of work in Florida, Ohio and South Carolina.
Along with wealth administration providers, 1280’s crew consists of an institutional consulting division, with asset administration for insurance coverage, company, authorities, nonprofit and endowment purchasers. The corporate may even supply a captive insurance coverage enterprise to different Sanctuary associate corporations, which it mentioned was “not often obtainable” within the impartial house.
Earlier this 12 months, Sanctuary additionally attracted Hillguard Wealth Administration, a $700 million Miami-based crew managing belongings for about 20 U.S. and worldwide households.