Tom Naratil, former co-president of UBS World Wealth Administration, has joined Lightyear Capital, a personal fairness agency that has backed a number of wealth administration corporations, as working companion to Lightyear Fund V.

Within the position, Naratil will help development and investments within the wealth administration phase. Lighyear at the moment has investments in Allworth Monetary, Cerity Companions and Wren Sterling. Prior investments embrace Advisor Group, Cetera, Clarion, Ridgeworth Monetary and Wealth Enhancement Group.

Associated: UBS Has Held Talks With Former CFO Naratil About Attainable Return

Naratil beforehand spent his 39-year profession at UBS, beginning as a company intern earlier than rising to senior administration positions. Most just lately, he served as co-president of UBS World Wealth Administration and president of UBS Americas, earlier than stepping down in October 2022.

Co-president Iqbal Khan took over as sole president of world wealth administration, and UBS employed Naureen Hassan, former Federal Reserve Financial institution of New York government and former chief digital officer for Morgan Stanley Wealth Administration, as head of its Wealth Administration Americas enterprise.

Associated: Lightyear Places Wealth Enhancement Group on the Block

In April, Bloomberg reported that Naratil was in talks with UBS CEO Sergio Ermotti about returning to the financial institution.

“Lightyear is well-positioned to determine and create worth sooner or later development of asset and wealth administration,” Naratil stated in an announcement. “I’ve identified members of the agency for over three a long time and I’ve been repeatedly impressed with Lightyear’s monetary companies acumen, the standard of their workforce and the agency’s tradition.”

Lightyear and different non-public fairness corporations have made important investments within the wealth administration trade. Echelon Companions’ latest RIA M&A Deal Report discovered that within the second quarter of this yr, non-public fairness corporations made direct investments in wealth managers with property totaling $350.6 billion, greater than double the identical determine from 2022.