A team of advisors has broken away from UBS to launch an independent financial advisory firm and joined the Dynasty Financial Partners network.

The new independent advisory business, known as Procyon Partners, is based in Connecticut and employs 10 staff.

The firm was launched by Phil Fiore, Jeff Farrar, Lou Gloria, Tom Gahan and Chris Foster, who were previously partners at The FDG Group at UBS.

The team formerly oversaw over $8bn in institutional assets and over $400m in private assets on a non-discretionary and discretionary basis.

Procyon will now operate under two RIAs- one for investment consulting practice and the other for personal wealth management group.

“As a team with vast experience in partnering with institutions and high net worth families, we are pleased to launch Procyon Partners. We are positioning our new wealth management firm for future growth, and have formed our firm to better align our services with the ever evolving needs of our clients,” Fiore noted.

Dynasty will offer analytics and operational support for the firm.