Bank of America Private Bank has lost a seven-person team in Newport Beach, Calif., that managed $2 billion in client assets, to UBS Wealth Management USA, according to a recent announcement.
The team, led by Thomas Nieto and Frederick Grand Jr., serves high-net-worth individuals, families, entrepreneurs and institutions.
Nieto joined BoA through its acquisition of U.S. Trust in 2007. He was a private client advisor for 25 years before moving to UBS. Grand also worked as a private client advisor at Bank of America Private Bank and a global commercial banker for Bank of America Merrill Lynch.
Senior portfolio manager John Hurford, senior wealth strategy associate Rebecca Zahabian, team administrator Laura Holland, senior client service associate David Q. Kuang and registered client service associate Victor Morales accompanied Nieto and Grand to UBS.
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