EY, the global consultancy, has added to its wealth and asset management team by hiring from rival Deloitte.

Ray Iler, former regional leader of Deloitte's hedge fund practice on the West Coast, has joined the Financial Services Organization's Wealth & Asset Management practice of Ernst & Young.

Iler, who also led Deloitte's emerging manager platform, will serve EY's hedge fund, private equity and venture capital clients.

Iler also founded the tax practice and served as audit partner for Deloitte's Grand Cayman practice, where he advised clients on investment fund structuring, due diligence procedures, service provider selection and incentive fee structuring.

Before joining Deloitte's West Coast practice, he was chief financial officer and corporate secretary at Quadrise Canada Corporation, a private equity-backed oil and gas technology company.

While in Cayman, Iler also served as a manager for Bank of Bermuda Cayman Limited's corporate banking team. He was also head of the capital markets group at UBS (Cayman Island), where he managed back-office operations for UBS-sponsored and third-party investment funds, and served as a director of those funds.