Five UBS investment bankers in Maine split off to join firm based in South Carolina
Five investment advisors have left UBS Financial Services’ branch in Portland to join a South Carolina-based firm, Apollon Wealth Management, it said this week.
William “Torey” Carr and his team of four other UBS staff will continue serving the Portland area and represent Apollon’s entry into Maine, spokeswoman Ann Marie Gorden told Mainebiz. Apollon has recently opened brick-and-mortar branches at 780 Broadway in South Portland and at 91 Camden St. in Rockland.
In addition to Carr, the founding partners of Apollon New England are Tim Hiscock, Justin Coffin, Paul Spizzuoco and Bri Andreoni, according to Gorden.
At UBS, the team was most recently managing $530 million in client assets, she said, and are taking some of those accounts with them.
A spokesman for UBS declined to comment on the staff departure or any potential change in business at the Portland branch.
In a news release, Carr said, “Being able to practice in a true fiduciary capacity was the driving factor in our decision to move to an independent model. In surveying the ecosystem of the independent space, we found a trusted partner in Apollon Wealth Management.”
Apollon, founded in 2017, now includes more than 50 professionals in 14 states. Headquartered in Charleston, S.C., the firm said it has doubled assets under management this year to a total of $3 billion.
“Torey and the team’s commitment to holistic financial planning and client service are directly aligned with our firm’s core values, and we are very excited about the opportunity ahead,” said Michael Dolberg, founding partner and CEO of Apollon Wealth Management. “With their background and geographic location, we feel that this partnership will help drive tremendous value to their current and future clients.”
The breakaway isn’t the first for global giant UBS in Maine. In 2019, a team of four investment bankers led by Steve Tenney exited the branch to launch another wealth management firm, Portland-based Great Diamond Partners.
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