Five senior investment specialists at UBS Wealth Management have jumped ship to join rival firm LGT Wealth Management in Sydney.

Michael Marr, Sean Carroll, Seamus Quick, Stephen Cabot and Patrick Armitage all join from UBS Wealth Management (UBS), each bringing more than two decades of experience across private banking and wealth management.

All will join LGT as investment directors and partners.

Marr was most recently head of global wealth management Australia at UBS, having previously led Credit Suisse’s Australian wealth management business for more than seven years.

Quick was an executive director in the global wealth management division and was a founding member of Credit Suisse’s Australian Private Banking franchise in 2008.

Also an executive director was Cabot, as well as being head of investment consulting at UBS, and he was a founding member of Credit Suisse’s Private Bank.

Finally, Carroll and Armitage both have more than 20 years experience in financial services including at both Credit Suisse and UBS.

Carroll’s appointment had previously been flagged in July, he spent 11 years with Credit Suisse and UBS, nine years at Credit Suisse in a variety of relationship management roles and then another two at UBS as a director after it acquired the firm.

Michael Chisholm, chief executive of LGTWM, said: “A move of this significance is carefully considered. The decision by five senior advisers to join LGTWM is a strong endorsement of the platform we have built and its appeal in a market where experienced advisers have considerable choice.

“At a time when families are navigating increasingly complex investment decisions and significant intergenerational wealth transitions, we are deliberately building the depth, continuity and collective expertise required to support them over the long term.”

“The addition of Michael, Sean, Seamus, Stephen and Patrick represents an important step in the continued development of our Australian private wealth business, and we look forward to the contribution they will make to our business and the clients we serve.”

Chisholm added a point of difference for LGT is the ownership structure by the Princely Family of Liechtenstein which allows it to take a long-term view to wealth creation.

“This long-term foundation is complemented by a strong local investment team and deep expertise across private markets and sustainable investing. Together, these capabilities give our advisers the breadth of support required to meet the increasingly sophisticated needs of Australian families and organisations.”

In May, the wealth manager hired four individuals to support demand from its high-net-worth clients. Arthur Bengasino and Tessa Volkmer joined as head of investment solutions and head of sustainable investment while Alina Jeanes and Nicki Sallabank joined as specialist and senior specialist, respectively.

Bengasino joined from TelstraSuper where he spent eight years, including his latest role as head of opportunities and real assets, and Volkmer was previously at Australian Retirement Trust. In Melbourne, Jeanes joined from JBWere where she specialised in strategic financial planning and Sallabank joined from law firm SBA Law.

This is not the first time this year that a group of senior advisory individuals have joined together to exit as wealth manager Granite Bay Private Wealth launched under the leadership of multiple former Morgan Stanley executives in January, targeting high-net-wealth individuals and eyeing expansion opportunities nationwide.

Managing partner Steve Moon was previously an executive director in Morgan Stanley’s Brisbane office until his departure last December, chief operating officer Matt Nicholls spent 15 years at the firm including time as its co-head of wealth management and founding partner and investment adviser Peter Opie was an executive director for 15 years.