Talent fight erupts as Wells Fargo exits foreign wealth business
UBS, Banco BTG Pactual, Insigneo and Andbank are among those seeking to hire from the roughly 330 advisers who were part of Wells international wealth unit.
February 8, 2021 3 MINS
A race for talent is heating up as Wells Fargo & Co. winds down the roughly $40 billion international segment of its wealth management business, with several firms competing to scoop up advisers and their lucrative client lists.
UBS Group and Banco BTG Pactual are among firms seeking to hire from Wells Fargo’s pool of about 330 advisers who were part of the international wealth business, according to people with knowledge of the matter, as are Insigneo and Andbank. Some banks are even offering an advance on two years of pay, as a forgivable loan, to try to persuade top bankers to join and stay for 10 years, said one of the people, who asked not to be identified because the information isn’t public.