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UBS recruits JPMorgan Mexican private banking team

UBS Group AG appointed five financial advisers who formerly worked at JPMorgan Chase & Co.'s private bank, Reuters reported March 24, citing a UBS memo it had seen.

The hires are Carlos Rodriguez Aspirichaga, the private bank's former head in Mexico; Miguel Barbosa, previously manager for the Mexico region market; Ricardo Mendez, previously head of the Mexico City prospecting division; Alfonso Barros; and Juan Calderón.

At JPMorgan Private Bank, they handled accounts of Mexico-based ultrawealthy clients, and according to Investment News, managed a total of $30 billion in client assets. At UBS, they will be based in New York, Miami and Houston, according to the report.