Tom Naratil, a former executive at UBS Group, has recently joined Lightyear Capital, a private-equity firm that specializes in wealth management. In his new role as an operating partner at Lightyear, Naratil will contribute his expertise and assist wealth management firms in their growth. This move comes after a successful career at UBS, where Naratil held various leadership positions and gained valuable experience.
Joining Lightyear Capital
Naratil was drawn to Lightyear Capital due to its exceptional management and expertise in the field. Additionally, the opportunity to contribute to the growth of wealth management firms was a significant factor in his decision. As an operating partner, Naratil will be responsible for sourcing and conducting due diligence on potential opportunities, as well as guiding portfolio companies towards success.
Years of Experience at UBS
During his tenure at UBS, Naratil held diverse roles that showcased his versatile skill set. He served as the co-head of Global Wealth Management, president of UBS Americas, and chief financial officer. His interactions with executives ranged from strategizing sales and product development to mentoring individuals seeking guidance.
Lightyear Capital’s Perspective
Lightyear Capital recognized Naratil’s extensive experience and knowledge as valuable assets. Mark Vassallo, a managing partner at Lightyear Capital who previously worked with Naratil at PaineWebber, expressed excitement about the collaboration. They are confident that Naratil’s contribution will expand and strengthen their thematic investing within the wealth management sector.
Conclusion
The addition of Tom Naratil to Lightyear Capital marks an important step for both parties involved. With his background in the financial industry and his diverse skill set, Naratil is poised to make a significant impact on the growth and success of wealth management firms. Having retired from UBS in October 2022, Naratil is now ready to embark on this new chapter in his career.
The Growing Trend of Former Wirehouse Executives Joining Independent Wealth Management Firms
Many former wirehouse executives are now making a move to independent wealth management firms or private equity firms that invest in RIAs. This shift in the industry is exemplified by notable figures such as Greg Fleming, former president of Morgan Stanley Wealth Management, who now leads Rockefeller Capital Management. Another example is Bob McCann, who previously oversaw UBS’ wealth management business in the U.S. and now serves as co-chairman at NewEdge Capital Group.
Private equity firms, like Lightyear Capital, are increasingly attracted to the wealth management industry due to its consistent and predictable revenues. While there are major national companies like UBS and Morgan Stanley in this sector, there are also thousands of smaller RIAs. Private equity firms have played a crucial role in driving acquisitions within the RIA segment, allowing these firms to achieve greater scale.
Lightyear Capital, based in New York, has previously made investments in independent broker-dealers Advisor Group and Cetera, further solidifying its presence in the market.
In an interview, Lightyear Capital CEO Donald A. Naratil expressed his optimistic outlook for the wealth management industry. He emphasized the growing demand for professional advice and highlighted the flexibility required to meet clients’ diverse preferences in receiving such advice.
The industry’s evolving landscape presents ample opportunities for former wirehouse executives to contribute their expertise to independent wealth management firms. As this trend continues, we can expect further developments that cater to the changing needs of clients in the pursuit of financial success.
