Raymond James and the $8 billion Dynasty firm Procyon Partners both snatched advisors managing hundreds of millions in client assets from UBS this week in separate moves.
In one case, Procyon Partners hired Mark Sullivan from UBS to join the firm as a senior vice president and senior private wealth advisor, operating out of its Shelton, Conn., location.
Sullivan spent over 10 years at UBS, managing about $800 million in client assets and oversaw $300 million in retirement assets at UBS. He specializes in working with first-generation entrepreneurs; Procyon CEO and co-founder Phil Fiore said he saw Sullivan as an essential element of the firm’s growth strategy.
A team of UBS advisors started Procyon after leaving the broker/dealer in 2017. The group consisted of Fiore, Jeff Farrar, Lou Gloria, Tom Gahan and Chris Foster. Together, they made up the FDG Group at UBS, overseeing more than $8 billion in institutional assets and $400 million in private assets.
The firm has over 50 employees and offices in Connecticut, New York City, Long Island, West Palm Beach, Tennessee and Maryland. It has nearly $8 billion in client assets and continues to work in both the institutional and private wealth spaces (though most of its business is on the private wealth side).
Last month, the firm hired Rich Franchella as senior vice president of business development to strengthen its ability to recruit top advisors (Franchella was previously an advisor recruiter at Baird). In 2021, Procyon merged with the $400 million Virginia Beach-based Pivotal Planning. The deal was the first merger between two Dynasty Financial Partners firms.
In a separate move, St. Petersburg, Fla.-based advisor Mary Lauritano opted to leave UBS and join Raymond James’ employee advisor channel, designed for breakaway wirehouse advisors. Lauritano manages about $525 million and will be joined by client service associates Natalia Morales and Melody Price.
According to Lauritano, opting for Raymond James came after “extensive due diligence,” lauding the firm’s “client-first, people-centric culture” in a statement about the deal.
“Additionally, we were particularly attracted to the firm’s conservative business philosophy, financial strength, commitment to strong ethical standards and community support,” she said in the statement.
According to her LinkedIn profile, Lauritano began working for the investment bank Brown Brothers Harriman & Co. in the late 1980s. According to SEC records, she joined Lehman Brothers in 2000 before leaving for UBS in 2005, where she stayed for about 19 years.
At her current practice, Lauritano works with high-net-worth individuals, families and business owners, and she’ll be based out of Raymond James Carillon branch in St. Petersburg.