RIA M&A · Podcast

The Trust Behind the Transition: UBS Breakaways on What It Takes to Move $1B in a Matter of Months

For advisors considering a breakaway, it offers a first-hand account of partner alignment, client trust and the operational realities of moving a large team. It also covers how retention and a new-business pipeline were described after launch.

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On the publisher’s site

Summary

By the ria m&a desk

The episode features Michael Lee and Steve Armaly of Ox Road Capital describing their move from UBS to launch an independent firm. They discuss how four partners reached alignment, why they chose independence over recruiting economics available elsewhere, and the realities of leaving a non-Protocol firm. The firm says it crossed $1B in AUM in 225 days and had a 93% retention rate.

Lee and Armaly left UBS without client information or assets at the new firm; Ox Road later reported approximately $1.1B in AUM.
The four partners spent roughly a year working toward alignment, at one point using an outside counselor.
They chose independence over significant recruiting economics available elsewhere.
The episode covers leaving a non-Protocol firm, client response, and a reported 93% retention rate.

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