&Partners, the hybrid RIA, has hired two senior UBS field executives to run its ultra-high-net-worth and private wealth businesses. InvestmentNews reported that Mara Glassel and Julie Fox will co-lead those units. Financial Advisor IQ reported that the pair, both long-tenured at UBS, have left the wirehouse to take over the businesses.
According to AdvisorHub, Fox, UBS's Southeast Regional Director, and Glassel, its New York Metro market leader, gave notice on Tuesday morning. AdvisorHub reported that both are expected to start at &Partners in early January, after a required notice period. At the firm they will be equity partners and co-heads of ultra-high-net-worth and private wealth.
Fox has spent her whole 23-year career at UBS, AdvisorHub reported. She began in fixed income sales in New York in 2002, then moved up through branch management to run the bank's private wealth segment across the Northeast and Mid-Atlantic. As part of a January 2025 reorganization, she became one of four UBS regional leaders, responsible for advisors in 15 states, per AdvisorHub.
Glassel has been at UBS for 29 years of a 34-year career, according to AdvisorHub. She oversaw 18 offices in the Greater New York market. Before taking the New York Metro market head role, she spent nearly five years leading national sales. AdvisorHub reported that her territory has covered Long Island, Westchester, New Jersey and upscale Connecticut markets since 2020.
AdvisorHub described &Partners as a firm started a little over three years ago by former executives of Wells Fargo and Edward D. Jones & Co. It is based in Nashville, Tennessee, and St. Louis. It has grown to 130 practices and manages roughly $65 billion in assets, and AdvisorHub reported a target of $100 billion by the end of next year.
InvestmentNews has previously reported that former Wells Fargo CEO David Kowach launched the firm in August 2023 with an equity-focused compensation structure. Kristi Mitchem, Kowach and John Alexander are among the co-founders, joined by 13 other founding partners. InvestmentNews reported that those three collectively own less than 15% of the firm. About a third of the equity is held by friends and family, and the rest is split roughly evenly between home office employees and advisors.
On recruiting, InvestmentNews reported that the firm set out to sign 100 partnered advisor teams. Its recruits to date have come mostly from Wells Fargo, Edward Jones, UBS and Merrill Lynch. AltsWire reported that the firm plans to cap its growth at about 150 advisor teams, in order to avoid decision-making by lowest common denominator.
The sources do not say how Fox and Glassel will divide their duties, or whether any UBS advisors or teams are expected to follow them.