Beacon Pointe Lures $2B Breakaway Team from UBS

KKR-backed Beacon Pointe Advisors completed its first wirehouse breakaway team acquisition, with Russell Crow and William Diehl, both formerly managing directors at UBS Private Wealth Management, joining the largest female-led registered investment adviser (RIA) in the country.

Crow and Diehl, who were appointed partners and managing directors at Beacon Pointe, together with four other team members, formerly served approximately 50 ultra-high-net-worth households with a combined $2 billion in assets under management.

The decision to leave UBS centered on Beacon Pointe’s fiduciary environment, along with the ability to provide clients with a “robust and holistic investment platform.”

“We seriously considered several fiduciary firms. We chose Beacon Pointe because their culture is hard working and squarely focused upon constant improvement for the benefit of our clients,” said Diehl and Crow.

Crow and Diehl each bring over 30 years’ experience to Beacon Pointe. Both were managing directors at UBS Private Wealth Management for 14 years after spending eight years at Goldman Sachs and four years with Morgan Stanley Private Wealth Management in New York, Houston and Dallas.

Also joining Southern California-based Beacon Pointe are senior relationship managers Julie Montgomery and Julie Anderson; senior associate wealth advisor Pierce Halsted; and associate wealth advisor Sarah Stubbs. The team will be located in Dallas.

The deal, which closed on August 18, is Beacon Pointe’s fifth in the Dallas/Fort Worth metroplex region, and may boost the region’s assets under management to over $5 billion.

Beacon Pointe is led by President Matt Cooper and CEO Shannon Eusey and oversees approximately $26 billion in total client assets.