Samoset Capital Group has snagged John Straus, a former UBS executive, to head one of its subsidiaries.
The veteran wirehouse executive resigned from UBS in February and with his recent move, he has taken a step into the independent side of the business.
“There are significant opportunities for new entrants with the right business model,” Straus said in a phone interview. “High net worth clients seek the right advisors and wealth management solutions in an unconflicted, unbiased manner."
Straus was the managing director and head of private wealth management at UBS Wealth Management Americas and chairman of the firm’s Private Bank America. Now, he is the managing director and chief executive officer of Samoset Wealth Management Co. His responsibilities in this position will include providing strategic leadership and executive management to the firm while building on its wealth management business, he said.
“[Here] we have the luxury of being able to build what clients want today with the benefit of having a clean piece of paper,” he said. “There is a growing gap between what clients want and how large firms are working for them.”
Straus joined UBS in October 2006 from JPMorgan Chase, where he was the head of private banks. According to FINRA filings, Straus has worked in the industry for over 20 years.
“We hope for the company to grow organically, which can eventually result in a consistent brand,” Straus said.
At UBS he managed clients with at least $10 million in investable assets and he increased the asset under management of ultra high net worth clients to $160 billion, according to a company press release.