Elevation Point takes minority stake in $750M UBS Las Vegas breakaway

Russell Price and Salvatore Mineo, who managed about $750 million at UBS Wealth Management USA in Las Vegas, launched Truing Capital Advisors on Tuesday with a minority investment from Elevation Point.

Elevation Point, founded in 2024 by former Sanctuary Wealth chief executive Jim Dickson, buys minority stakes in independent RIAs and breakaway practices. The pair operated as MPI Wealth Management at UBS. Their team includes three support staff and joined Elevation Point on Friday, a spokesperson told AdvisorHub. Truing will run under Elevation Point's corporate RIA and custody client assets with Goldman Sachs Custody Solutions, according to the announcement.

A minority equity stake is not a wirehouse recruiting package. UBS hired Merrill's John Pham and Jimmy Yip, as this publication reported, on a 16-year package paying 550% of revenue, with their book put at $575 million to $1.2 billion. Equity is a claim on a practice's future enterprise value rather than a fixed multiple of trailing revenue.

Elevation Point has backed 14 practices since its 2024 launch, and those teams oversaw $14.4 billion at their former firms, according to its spokesperson. Truing's $750 million is about 5% of that total and below the average of roughly $1.03 billion per practice.

Emigrant Partners holds a minority stake in Elevation Point, and Dickson told WealthManagement.com the firm will seek additional capital to pursue a $50 billion target over the next two years.

As of Tuesday afternoon, the brokers' registrations still reflected UBS rather than Elevation Point, AdvisorHub reported.

Price and Mineo have logged 23 and 26 years in the industry and joined UBS on the same day in March 2014 from Nevada State Bank, according to BrokerCheck. Truing describes its clients as company founders, families with significant real estate and other concentrated holdings, and people navigating a business sale, divorce or the loss of a spouse. Price, in the announcement, said: "Our new structure gives us greater control over how we serve clients and the flexibility to build solutions around their needs."