$6B Team Departs UBS to Create Bicoastal RIA

A Boston- and Los Angeles-based team of advisors has left UBS Financial Services to create a new registered investment advisor. Advisors Denis Cleary and Greg Devine have launched 71 West Capital Partners, an RIA with about $6 billion in client assets. 

Cleary will serve as CEO of the new firm, operating out of the Boston office, while Devine will run the Los Angeles office. They’ve chosen BNY Pershing for custody and clearing. The team serves ultra-high-net-worth individuals, families and foundations. 

Other team members include Abigail Harris, Matthew Kirshner, Chris Carbone, William Corman, Spencer Danziger and Nolan Morr. 

Prior to making the move to independence, Cleary and Devine were with UBS for five years. They started working together in 2006 at Goldman Sachs. 

Cleary, who started his career as a corporate attorney, focuses on clients from sectors that include technology, healthcare, family business and real estate. Devine, who previously had a career in the tech sector, specializes in the technology, private equity, venture capital and family business sectors.

This follows news from September that a seven-member team, which operated as the 440 Group within UBS’s private wealth management division, left to create a new multi-family office. The team launched Loxahatchee Capital, a Tequesta, Fla.-based firm with $1.4 billion in assets, taking on Elevation Point as a minority investor. 

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