The Trust Behind the Transition: UBS Breakaways on What It Takes to Move $1B in a Matter of Months

Michael Lee & Steve Armaly—Founders & Managing Partners, Ox Road Capital

After leaving UBS to launch Ox Road Capital, Michael Lee, Steve Armaly, and their partners crossed $1B in AUM in just 225 days. They share how years of client trust, partner alignment, and a client-first vision helped make an extraordinary transition possible.

In Summary

When Michael Lee, Steve Armaly, and their partners left UBS to launch Ox Road Capital, they walked out the door without client information or a single dollar in assets at their new firm.

Just 225 days later, Ox Road crossed $1B in AUM.

But that extraordinary result was years in the making.

Mike and Steve join Mindy to share the story behind the transition: why a highly successful $1.2B UBS team decided its vision had outgrown the employee model, how four partners worked through very different perspectives to reach alignment, and why they ultimately chose independence over the significant recruiting economics available elsewhere.

They also discuss the realities of leaving a non-Protocol firm, how clients responded, and why years spent building trusted relationships became one of their most valuable assets during the transition.

Today, with approximately $1.1B in AUM, a 93% retention rate, six additional team members, and a growing new-business pipeline, Ox Road is beginning to realize the larger vision behind the move: greater control over resources, technology, marketing, staffing, and the client experience.

The Storyline

For Mike, the idea of independence dates back to 2009. The entrepreneurial instinct was there, but the infrastructure, economics, and timing weren’t. He joined UBS instead and, over the next 16 years, helped build an extraordinarily successful business.

Steve had a similar entrepreneurial streak. Together with partners Brian Blackburn and Jeff Allen, they built an integrated team around financial planning, client service, and portfolio management—and a belief that people perform best when they can “soar with their strengths.”