A team of UBS-affiliated advisors managing about $2 billion in client assets has moved to Sanctuary Wealth’s partner firm network.
The hybrid RIA team, called 1280 Financial Partners, will become part of Sanctuary’s capital partnership program, with Sanctuary taking a minority stake in the RIA with offices in Florida, Ohio and South Carolina.
The team made the move after “several years” of due diligence, according to an announcement the firms made Friday.
In addition to wealth management services, 1280 will bring to Sanctuary its institutional consulting division, which provides asset management for insurance, corporate, government, nonprofit and endowment clients. The firm also offers a captive insurance business that will be made available for other partner firms, a product Sanctuary called “rarely available in the independent space.”
The team joining Sanctuary includes managing partners and senior portfolio managers Tom Burt, Duane Ohly, Charlie Todd and John McGee, along with four senior vice presidents and four support staff.
“In contrast to the wirehouse environment we left, we are no longer employees trying to fight for our clients while competing against shareholder interests,” Managing Partner Burt said in a statement. “Sanctuary has proven to be just as relentless in their commitment to serve us as we are in serving our clients and it’s great to have a partner who is as focused on growing our enterprise value as we are.”
The firm was named by its initial two offices in Fort Myers, Fla., and Sandusky, Ohio, which are 1,280 miles apart.
The Sanctuary network has more than 120 partner firms in 30 states with about $50 billion in assets on its platform.
Sanctuary has backing from Azimut, an Italy-based asset manager, and Kennedy Lewis Investment Management, according to filings.