UBS Advisors Launch $2.4B Spin-Off as Wealth Unit Cuts S&P 500 Target
Two UBS advisors overseeing $2.4 billion in client assets launched Evertern Wealth in Naples, custodying funds at Goldman Sachs while still registered with UBS. UBS Wealth Management cut its 2026 S&P 500 target citing higher energy costs and highlighted broadly positive feedback on its Rentokil upgrade with 11% upside.
1. Formation of Evertern Wealth
Two senior UBS advisors, Jason Stephens and Mic Lundon, launched Evertern Wealth in Naples, Florida, bringing $2.4 billion of client assets. The firm, backed by Dynasty Financial Partners, will custody assets at Goldman Sachs while targeting business owners, executives and multi-generational families under a personalized advisory model.
2. S&P 500 Target Adjustment
UBS Wealth Management analysts reduced their 2026 S&P 500 target, attributing the revision to elevated energy costs from Middle East tensions that could weigh on U.S. growth and inflation. The lowered forecast reflects concerns over potential market headwinds driven by oil price pressures.
3. Rentokil Upgrade Feedback
UBS highlighted broadly positive investor feedback following its upgrade of Rentokil Initial to a 'buy' rating, with a 540 pence price target implying roughly 11% upside. The upgrade was based on a reshaped North American pest control strategy expected to boost volumes over the next year.