A Newport Beach, Calif.-based adviser that manages more than $500 million in client assets is joining Dynasty-backed Summit Path Advisors from BMO-affiliated Key Client Group, the boutique wealth firm announced Thursday.
Paul Hoskin is joining the $18 billion Summit Trail as a partner and advisor and has worked in the BNP Paribas/Bank of the West Major Client Group since 2022. according to SEC data. Prime Client Group managed more than $3 billion in client assets before being acquired by BMO in 2023.
Prior to BNP Paribas/Bank of the West, Hoskin worked at Citibank and US Trust. He specializes in advising high net worth business owners and families, assisting them with access to necessary capital, succession planning and intergenerational wealth management. He was registered with the LPL broker/dealer platform while employed at BMO, but will now be registered with Summit's b/d.
Summit Trail Managing Partner Jack Petersen said Hoskin's experience with Southern California business owners would be “crucial” to the firm's expansion. The Newport Beach office will be Summit Trail's first location in Southern California.
Earlier this year, Summit brought in 10 professionals from the Key Client Group, including David Hultman and Danielle Louton, partners and counsel in San Francisco; Ali Homayounfar, formerly head of Key Client Group, now partner and head of business development in New York; Roberto Homar, advisor and portfolio management specialist in New York; Tony Morel, investment specialist in New York; and Dimitre Ivanov, head of business management and client reporting in Chicago.
Partner and counsel Shima Salehi is based in Portland, Ore., and will lead Summit Trail's Pacific Northwest expansion, while partner and counsel Matthew Marsh is leading the firm's first office in the Rocky Mountain region in Denver (in addition, officers of client services Ina Locsin and Tannaz Sanandaj joined Summit Trail from BMO in San Francisco and Los Angeles, respectively).
Summit Trail was formed in July 2015 by several former Barclays advisers (including Petersen) in the wake of Stifel's acquisition of Barclay's US wealth business. Many Barclays advisers, including the Summit Trail crew, chose to leave rather than join Stifel.
It is a member of the Dynasty network of 56 independent firms (with over 400 advisors) and the average AUM per firm is $1.8 billion. Along with the new Newport Beach office, Summit Trail has a presence in New York, Boston, Chicago, Dallas, Denver, Seattle, Portland, San Francisco and Harrisburg, Penn.