People Moves
Samoset Brings In Former UBS Exec To Lead Wealth Management Drive
Samoset Capital Group has announced the appointment of
John Straus as the new head of its wealth management arm.
Straus joins the company from UBS Wealth Management Americas,
where he was head of the high net worth business. Prior to UBS,
he headed the private banking unit at JP Morgan Chase.
The hire is part of the Samoset's bid to extend its wealth
management offering to a wider client base. The Connecticut-based
firm said that it will be targeting independent advisers who
focus on clients with at least $10 million in investable assets.
A number of acquisitions in wealth management and trust firms are
also under way.
Straus is one of the major investors in Samoset, along with
Daniel FitzPatrick, the former chief executive officer at
Citi Trust and Goldman Sachs Trust. The firm are also on the
lookout for additional investors.
To date, Samoset operates one wealth management branch out of New
Hampshire, but said it intends to grow to eight to ten
branches over the next years. It has $120 million in assets under
management.
