City A.M. understands that Square Mile firm Artorius Wealth has bolstered its client team with the appointment of three senior UBS wealth managers, James Goddard, Helena Pratt and Max Di Lieto.
James Goddard spent nearly two decades in wealth management across Citi, Barclays and UBS, and focused the last five years on partnering with business owners and entrepreneurs.
Helena Pratt has five years’ experience at UBS and started her career at Rathbones, while Max Di Lieto also has five years’ experience, starting at UBS as an apprentice and working his way up the ladder, supporting clients.
The trio departure comes only days after UBS confirmed its wealth management fee income dipped six per cent, “primarily driven by negative market performance and foreign currency effects,” it said in today’s trading update.
The firm generates a significant proportion of its revenues from the world’s richest parking their money with the bank.
UBS is going through a difficult period at the moment.
A sharp fall in profits at UBS’s investment banking division caused by charges to deal with the fall out of the collapse of Bill Hwang’s Archegos Capital and tumbling global stock markets has raided the Swiss lender’s bottom line.
UBS recently said it booked a $87m (£72m) loss from the saga in the second quarter of this year, representing nearly all the drop in overall profits over the period.
City A.M. understands the charge stems from UBS’s exposure to Archegos’s collapse.