UBS has lost one of its top wealth managers, a banker with connections to New York's high society and 2 billion dollars under management. The industry is left wondering where he's gone.
Gregory Hersch isn't an advisor a bank like UBS would simply let go. But he's gone, having left about a week ago, «On Wall Street» reported.
The loss of Hersch won't be taken lightly: With a team of two the New Yorker managed two billion dollars, and he's considered one of the best.
In ratings by trade organs such as «Barron's» and «Financial Times» Hersch regularly booked a place high up in the ranks. At «On Wall Street» he made it into the top 10.
Hersch switched to UBS from Smith Barney in 2009. The value of the assets under his management increased to more than 2 billion from 708 million from 2010 to 2012 – an impressive performance for a banker not yet 40.
Celebrated Young Banker
His employer knew what they had in Hersch. In the internal ranking «Top 35 under 35» he was a celebrated young banker. And apart from his obvious talent to get the rich to entrust him with their money, he also had glamour.
In his youth, he was together with Ivanka Trump (pictured in the year 2001), daughter of billionaire Republican Presidential candidate Donald Trump. He's at ease within the New York high society and appears regularly in the society news.
Preserving Wealth
Gregory Hersch is a banker and advisor as his boss, Robert «Bob» McCann likes best: assets under management well above the internal benchmark, first-class network, one to generate profit and still humble.
«My clients come to me, when they're already rich,» he once said. «It's my job to preserve their wealth. Pretty much like a medical doctor: in the first place, it's all about preventing any damage.»
He confided: «I'm good at detecting the big picture and not to be deflected by short-term noise. That's what allows me to avoid mistakes.»
Where Is He?
In the U.S. it is pretty normal to brag about the catch of a big fish – but nothing has been said in regard to 2-billion-dollar man Hersch. It has been so quiet that trade portal «Advisorhub.com» asked: «Where is Gregory Hersch?»
UBS confirmed the departure of their star banker, but his profile is still up. Otherwise there is silence – secrecy even, according to «Advisorhub.com».
An unnamed UBS advisor said that he couldn't say anything apart from the fact that Hersch had been gone for more than a week: «I used to be a member of the team and things are up in the air. I really can't say anymore.»
