Citywire RIA reported on November 4 that a UBS team with multi-billion-dollar assets had left the firm to form an independent registered investment adviser, Cleros Wealth Partners, with backing from minority investor and platform services provider Elevation Point. The launch was also announced in a PR Newswire release dated the same day, and AdvisorHub covered the move under a headline describing a $3.6 billion team.
Cleros is based in Fort Worth, Texas. According to the firm's press release, its founding partners are Kyle Kight, CFA, Alex Armstrong, CFP, and Jamie Packer, CIMA and CPWA, and the team has 11 members. AdvisorHub reported that eight of the team's members are support staff. The release said the team's book at UBS was about $3.61 billion in assets under supervision, a measure it says includes assets managed and advised upon. The figure reflects what each team reported when it partnered with Elevation Point and is not updated for market moves or client activity, so it is a historical figure rather than current assets under management.
The release describes the client base as mainly high-net-worth families, along with community-focused endowments and foundations, most with roots in Fort Worth and Tarrant County. It says more than half of those clients have worked with the team for more than 20 years. The team left its former UBS affiliation, which operated as Thompson, Kight, Armstrong & Packer, to gain more flexibility in sourcing investments and serving clients. Client assets are custodied with Goldman Sachs Custody Solutions, and the release states that Cleros and Elevation Point are not affiliated with Goldman Sachs.
Background on the principals comes from several outlets. InvestmentNews reported that Kight has 27 years in the business. The team's UBS profile page says Kight previously worked at Corbin & Company and Central Bank & Trust, that Armstrong was previously a Merrill Lynch wealth advisor, and that Packer joined UBS in 2004 after Merrill Lynch in Dallas. AdvisorHub reported, citing registration records, that Cleros registered with the SEC on October 15, 2026, and that Elevation Point owns between 10% and 25% of the firm. AdvisorHub also reported that Cleros operates under its own Form ADV rather than under the corporate RIA registration that Elevation Point uses for Truing Capital and at least four other UBS teams it has backed.
Elevation Point is Minneapolis-based and was founded in June 2024 by former Sanctuary Wealth CEO Jim Dickson, according to InvestmentNews. Wealth Management reported that Mark Penske, founder and chairman of United Atlantic Capital, was a co-founder at launch, and that Elevation Point agreed to acquire Mount Yale Capital Group, an OCIO with $3.4 billion in AUM, to serve as its corporate RIA. According to The Wealth Advisor, Elevation Point received a minority investment from Emigrant Partners in May 2025, together with a senior debt facility; Emigrant Partners is the RIA capital arm of Emigrant Bank. Emigrant is backed by the Milstein family. Wealth Management reported that Goldman Sachs became Elevation Point's primary custodian in an expanded partnership, and earlier coverage said the firm targets RIAs with $200 million to $3 billion in client assets.
AdvisorHub reported that Cleros is the largest team Elevation Point has backed, and that a spokesperson said the firm now has 15 investments with about $18 billion in client assets. A Truing Capital release dated October 20, 2026, said that since June 2024 Elevation Point has invested in firms with about $14.4 billion in client AUS. The Truing Capital deal, about $750 million and based in Las Vegas, also involved a former UBS team and came in October. AdvisorHub noted that Cleros is the second UBS-to-Elevation Point team in about three weeks. Earlier in 2026, Elevation Point backed Hampton Bluff Capital Partners, an Atlanta breakaway team with about $1.3 billion in UBS assets, according to InvestmentNews. InvestmentNews described Cleros as the newest UBS team to become independent under Elevation Point, at a time when advisors keep leaving UBS's US wealth unit.
Looking ahead, Wealth Management reported that Dickson anticipates Elevation Point adding roughly $5 billion of platform assets during 2026, and that the firm is pursuing additional capital toward a $50 billion target. DeVoe data reported by InvestmentNews show Elevation Point closed four minority transactions in 2025 and two more by early 2026. DeVoe also reported that minority transactions reached 15% of RIA deal activity in the first quarter of 2026. Readers looking for Elevation Point's own regulatory disclosures can start with its Form ADV, which the firm has said is posted on its website.