An Orange County, Calif.-based firm managing $1.2 billion in assets is joining Sanctuary Wealth from UBS. Dial Square Private Wealth was founded by Jim Chiate and Tony Guianne, who partnered at Merrill Lynch in 2003 before joining UBS in 2013. The team will custody with Schwab and Goldman Sachs.

Chiate stated that Sanctuary was the obvious choice for the firm after understanding the value independence could provide to their clients. Moving to Sanctuary offers back-office support, access to alternative investments, tax mitigation strategies, and philanthropic legacy building for clients.

Sanctuary, a hybrid RIA, has over 125 partner firms in 32 states with assets totaling over $55 billion. In the past year, Sanctuary brought in 16 partner firms with over $10 billion in assets, including 1280 Financial Partners, another former UBS team managing about $2 billion.

1280 Financial Partners, a former UBS team with offices in Florida, Ohio, and South Carolina, offers wealth management services and an institutional consulting division for insurance, corporate, government, nonprofit, and endowment clients. The company also provides a captive insurance business to other Sanctuary partner firms.

Sanctuary also attracted Hillguard Wealth Management, a $700 million Miami-based team managing assets for about 20 U.S. and international families.

Read more at Yahoo Finance: $1.2B Orange County Team Joins Sanctuary From UBS