Advisers on the move: Morgan loses teams with $1B in combined AUM
June 20, 2016 12:56 PM
Morgan's mega losses
Morgan Stanley lost teams with more than $1 billion in combined client assets to Raymond James, RBC and Steward Partners. J.P. Morgan, on the other hand, saw a team managing $300 million in AUM go independent.
See these and all the latest recruiting moves by clicking through our slideshow.
(Image: Bloomberg News)
See these and all the latest recruiting moves by clicking through our slideshow.
(Image: Bloomberg News)
J.P. Morgan loses breakaway with $300M AUM
A former J.P. Morgan Securities advisory team, with $300 million in assets under management, has formed a new RIA to serve ultrahigh-net-worth sports, music and entertainment clients.
Manhattan West Asset Management, in Manhattan Beach, Calif., also serves public and private pension funds, endowments and foundations, according to a release.
To read more clickhere .
Manhattan West Asset Management, in Manhattan Beach, Calif., also serves public and private pension funds, endowments and foundations, according to a release.
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Ex-Morgan adviser with $270M in AUM joins Raymond James
An adviser who oversaw $270 million in client asset at Morgan Stanley has left to join Raymond James, the firm says.
Adviser Mark Rubin now works from Raymond James' office in San Rafael, Calif. The firm opened that office about a year ago.
While at Morgan, Rubin generated more than $1.8 million in annual revenue, Raymond James says.
To read more clickhere .
Adviser Mark Rubin now works from Raymond James' office in San Rafael, Calif. The firm opened that office about a year ago.
While at Morgan, Rubin generated more than $1.8 million in annual revenue, Raymond James says.
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Morgan adviser with $260M in AUM joins Raymond James
A former Morgan Stanley adviser who managed more than $260 million in client assets has joined Raymond James, a complex manager for the firm said.
Roger Veome generated $1.8 million in annual production while he worked for the wirehouse, said Brian Lampsa, Chicago area complex manager for Raymond James. Veome will work from the regional BD's Chicago office. He is joined by investment portfolio specialist Thomas Morrill and senior registered client service associate Katherine Wardell.
To read more click here .
Roger Veome generated $1.8 million in annual production while he worked for the wirehouse, said Brian Lampsa, Chicago area complex manager for Raymond James. Veome will work from the regional BD's Chicago office. He is joined by investment portfolio specialist Thomas Morrill and senior registered client service associate Katherine Wardell.
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$238M Morgan Stanley team joins RBC
An adviser team with about $238 million assets under management left Morgan Stanley to join RBC Wealth Management, according to the firm.
The Gryphon Group, headed by Jim Murray and Ryan Griego, generated $1.3 million in annual revenue, says RBC. They will be joining RBC’s Pueblo, Colorado branch. Murray has 35 years’ experience in securities, according to FINRA BrokerCheck records, while Griego has nearly 12 years’ experience.
To read more click here .
The Gryphon Group, headed by Jim Murray and Ryan Griego, generated $1.3 million in annual revenue, says RBC. They will be joining RBC’s Pueblo, Colorado branch. Murray has 35 years’ experience in securities, according to FINRA BrokerCheck records, while Griego has nearly 12 years’ experience.
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Bloomberg News
Steward Partners recruits $235M Morgan Stanley team
A Morgan Stanley team that generated $1.8 million in annual revenue has left the wirehouse to join Steward Partners, an independent firm affiliated with Raymond James, according to the brokerage.
The team, which oversaw $235 million, opened a new office in Manchester, N.H., for Steward Partners. The location was once occupied by Smith Barney prior to its acquisition by Morgan Stanley, according to Greg Banasz, managing director and head of business development at Steward Partners.
To read more, clickhere .
(Image: Bloomberg News)
The team, which oversaw $235 million, opened a new office in Manchester, N.H., for Steward Partners. The location was once occupied by Smith Barney prior to its acquisition by Morgan Stanley, according to Greg Banasz, managing director and head of business development at Steward Partners.
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Wells Fargo's FiNet lures 3 advisers from Morgan and Edward Jones
Wells Fargo FiNet has lured away three advisers from Morgan Stanley and Edward Jones to its independent platform.
"My reason for leaving was just a desire for more freedom," says Cody Callaway, who left Edward Jones to start his own firm, Callaway Capital Management in Broken Arrow, Olka., just outside of Tulsa.
"When you have the privilege of owning your own [firm]," Callaway says, "you are entitled to have your own voice and own identity out in the community. If you have a desire to put something in the paper or some other form of the media, you have that opportunity."
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"My reason for leaving was just a desire for more freedom," says Cody Callaway, who left Edward Jones to start his own firm, Callaway Capital Management in Broken Arrow, Olka., just outside of Tulsa.
"When you have the privilege of owning your own [firm]," Callaway says, "you are entitled to have your own voice and own identity out in the community. If you have a desire to put something in the paper or some other form of the media, you have that opportunity."
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Merrill appoints new exec for firm's retirement group
Merrill Lynch has appointed a Bank of America executive to a newly created role within the firm's Retirement and Personal Wealth Solutions Group.
As the group's Workplace Relationship Executive, Matt Leckrone will partner with the BoA's Global Corporate Banking and its clients to build relationships with human resources executives to deliver a holistic range of benefits, financial planning programs, and wealth and banking services, as part of a comprehensive financial wellness program, the bank said.
Prior to his new appointment, Leckrone served as the bank's global benefits executive, where he was responsible for leading leading the 401(k), Deferred Compensation and Defined Benefit programs, as well as managing the recognition and reward strategies.
As the group's Workplace Relationship Executive, Matt Leckrone will partner with the BoA's Global Corporate Banking and its clients to build relationships with human resources executives to deliver a holistic range of benefits, financial planning programs, and wealth and banking services, as part of a comprehensive financial wellness program, the bank said.
Prior to his new appointment, Leckrone served as the bank's global benefits executive, where he was responsible for leading leading the 401(k), Deferred Compensation and Defined Benefit programs, as well as managing the recognition and reward strategies.
$150M adviser leaves Merrill for RBC
RBC recruited a Merrill Lynch adviser who had overseen $150 million in client assets, according to a spokeswoman.
Sanya Mulhern (above left) joined RBC's office in Palm Desert, Calif., where she reports to Ryan Wilson, director of the branch.
Mulhern started her career at Merrill 12 years ago, according to FINRA BrokerCheck records. Prior to becoming an adviser, Mulhern was a U.S. Army reservist serving as a Russian linguist, according to RBC.
To read more, click here .
Sanya Mulhern (above left) joined RBC's office in Palm Desert, Calif., where she reports to Ryan Wilson, director of the branch.
Mulhern started her career at Merrill 12 years ago, according to FINRA BrokerCheck records. Prior to becoming an adviser, Mulhern was a U.S. Army reservist serving as a Russian linguist, according to RBC.
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$100M adviser departs Merrill for Snowden Lane
An adviser who oversaw $100 million at Merrill Lynch has left the wirehouse to join Snowden Lane Partners, the independent firm says.
Joseph Hubbell is merging his practice with that of two other ex-Merrill Lynch advisers, Jesse Clinton and Phil Pedrena. Together, the New York-based team will rebrand itself as the Veritas Private Wealth Group and oversee more than $370 million in client assets, the firm says.
To read more, clickhere .
Joseph Hubbell is merging his practice with that of two other ex-Merrill Lynch advisers, Jesse Clinton and Phil Pedrena. Together, the New York-based team will rebrand itself as the Veritas Private Wealth Group and oversee more than $370 million in client assets, the firm says.
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Veteran $36M adviser quits Raymond James
An adviser with $36 million in client assets has left Raymond James & Associates to join Noyes, according to the firm.
Andrew Blackwell brings more than 30 years of industry experience to Noyes, according to FINRA BrokerCheck records. He will be based at the company’s Indianapolis office.
To read more, click here .
Andrew Blackwell brings more than 30 years of industry experience to Noyes, according to FINRA BrokerCheck records. He will be based at the company’s Indianapolis office.
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UBS complex director moves to Dynasty Financial
A UBS complex director has left the wirehouse to join Dynasty Financial, the breakaway firm said.
David P. Wiener was overseeing 100 advisers responsible for $15 billion in client assets in Silicon Valley before he left the wirehouse, according to his UBS online profile. He joins Dynasty as director of network development for the firm's Western division, the firm said.
To read more, click here .
David P. Wiener was overseeing 100 advisers responsible for $15 billion in client assets in Silicon Valley before he left the wirehouse, according to his UBS online profile. He joins Dynasty as director of network development for the firm's Western division, the firm said.
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Morgan opens new office with $7B in assets
Morgan Stanley has opened a new branch office in Miami to house 22 advisers overseeing $7 billion in client assets, the firm says.
The new office – Morgan's third in Miami – is geared towards serving wealthy clients from Latin America, the firm says. Most of the advisers are recent recruits from Credit Suisse, having joined Morgan under a recruiting arrangement that the wirehouse reached with Credit Suisse, which exited the U.S. wealth management market earlier this year.
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(Image: Bloomberg News)
The new office – Morgan's third in Miami – is geared towards serving wealthy clients from Latin America, the firm says. Most of the advisers are recent recruits from Credit Suisse, having joined Morgan under a recruiting arrangement that the wirehouse reached with Credit Suisse, which exited the U.S. wealth management market earlier this year.
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Stifel fixed-income co-head said to depart firm
William Heinzerling, who has led Stifel Financial’s fixed-income business since 2009, is leaving the firm, according to people with knowledge of the matter.
Eric Needleman, who joined Stifel with the acquisition of rival brokerage Sterne Agee last year, becomes sole head of the business, the people said, asking not to be identified because the change hasn’t been announced publicly. Heinzerling, 57, had spent more than two decades with Citigroup and its predecessors, including a leading role in its fixed-income division.
Originally published on Bloomberg News. To read more clickhere
Eric Needleman, who joined Stifel with the acquisition of rival brokerage Sterne Agee last year, becomes sole head of the business, the people said, asking not to be identified because the change hasn’t been announced publicly. Heinzerling, 57, had spent more than two decades with Citigroup and its predecessors, including a leading role in its fixed-income division.
Originally published on Bloomberg News. To read more click
Morgan hires ex-Credit Suisse executives
Morgan Stanley hired two ex-Credit Suisse executives for its international wealth management unit, according to a memo sent to employees.
In Miami, ex-Credit Suisse executive Paul Arango will be responsible for supporting client development at Morgan Stanley International Wealth Management, the memo sent on Friday says. He will also join the firm's Latin American Management Committee.
To read more, click here .
In Miami, ex-Credit Suisse executive Paul Arango will be responsible for supporting client development at Morgan Stanley International Wealth Management, the memo sent on Friday says. He will also join the firm's Latin American Management Committee.
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RBC hires Blackrock director to head retirement solution group.
RBC Wealth Managemet has recruited a former Blackrock director to lead the firm's retirement and fund solutions group, said the firm's spokeswoman.
Kim Mickelson served as Blackrock's U.S. Wealth Advisory Group director, working with wholesalers, national account managers and wirehouse executives. Mickelson started her career at Primevest Financial Services, a predecessor to Cetera, in 1991, according to Brokercheck records. Her career later included stops at U.S. Bancorp and Ameriprise before landing at BlackRock in 2014, BrokerCheck records show.
"Kim comes to RBC Wealth Management with deep and broad knowledge in product management, retirement planning and extensive work supporting financial advisors with practice management issues,” says Mary Sumners, head of product management and strategic initiatives for RBC Wealth Management-U.S. “I am confident she will be a key leader in the growth of our product platform.”
A Blackrock spokeswoman was not immediately available for a comment.
(Image: Bloomberg News)
Kim Mickelson served as Blackrock's U.S. Wealth Advisory Group director, working with wholesalers, national account managers and wirehouse executives. Mickelson started her career at Primevest Financial Services, a predecessor to Cetera, in 1991, according to Brokercheck records. Her career later included stops at U.S. Bancorp and Ameriprise before landing at BlackRock in 2014, BrokerCheck records show.
"Kim comes to RBC Wealth Management with deep and broad knowledge in product management, retirement planning and extensive work supporting financial advisors with practice management issues,” says Mary Sumners, head of product management and strategic initiatives for RBC Wealth Management-U.S. “I am confident she will be a key leader in the growth of our product platform.”
A Blackrock spokeswoman was not immediately available for a comment.
(Image: Bloomberg News)
U.S. Trust expands recruitment nationwide
U.S Trust has recruited several advisers to serve the firm's growing demand for new recruits, said a U.S. Trust spokesman.
Daniel F. Thompson joins the firm's Wilmington, Del. office from Barclays Wealth and Investment Management, U.S. Trust says. Thompson started his career with a brief stint at Hopper Soliday in 1988 before moving on to Morgan Stanley within the same year, according to FINRA BrokerCheck records. He joined Barclays in 2014, BrokerCheck records show.
Joining U.S.Trust's New York office are Edward J. Finley, Fatima V. Sanandaji and Kurt V. Ryden. Finley started his career at J.P. Morgan in 2007, according to BrokerCheck records. He later moved to Deutsche Bank in 2012 before joining U.S. Trust, BrokerCheck records show. Sanandaji started her career at Citicorp Investments Services in 2005 before moving to HSBC securities in 2007 just prior to her move to U.S. Trust, BrokerCheck shows. Ryden had been with J.P. Morgan since 1998, according to BrokerCheck.
Jean-Pierre Green joins U.S. Trust in Bellevue, Wash., the firm says. Green started his career at AXA Advisors in 1998 before moving to Citicorp in 2000 and then J.P. Morgan in 2009, BrokerCheck records show. BrokerCheck also shows that Green worked for J.P. Morgan in 2009, where he stayed until arriving at U.S. Trust.
Abraham A. Dairi Joins U.S. Trust in Seattle, the firm says. Dairi's career started at Key Investment in 2011 and includes stops at Allstate Insurance, HSBC Securities and UnionBanc, prior to joining U.S. Trust, according to his LinkedIn profile.
Scott Logie joins U.S. Trust's Stamford, Conn., office, the firm says. Logie started his career at Salomon Brothers in 1986 before moving to Citigroup in 1998, according to BrokerCheck records. Records also show that Logie moved to Keefe, Bruyette & Woods in 2006. According to his LinkedIn, Logie moved to Carlson Capital in 2008 prior to joining U.S. Trust.
Jamie Andersen joins U.S. Trust in Naples, Fla., the firm says. Anderson started her career at Bank of America Securities in 2008 and stayed on with the firm's decision to purchase Merrill Lynch, according to BrokerCheck. She then moved to J.P. Morgan in 2011, BrokerCheck shows.
James Johnson joins U.S. Trust in Saint Louis, Mo., the firm says. Johnson started his career at Dean Witter Reynolds in 1987, BrokerCheck shows. Johnson later went on to do stints at Merrill Lynch, Kidder, Peabody, Citigroup, J.P. Morgan before joining KGS-Alpha Capital Markets in 2010, BrokerCheck shows.
Todd C. Roesch joins U.S. Trust in Dallas, the firm says. Roesch started his career at Lehman Brothers in 2006 and stayed on after its sale to Barclays in 2008, BrokerCheck shows.
Richard E. Barron joins U.S. Trust in Washington, the firm says. Barron started at Butcher & Singer in 1980, according to BrokerCheck, and worked for several firms, including Lehman Brothers, Deutsche Bank, Morgan Stanley and Suntrust, BrokerCheck shows.
(Image: Bloomberg News)
Daniel F. Thompson joins the firm's Wilmington, Del. office from Barclays Wealth and Investment Management, U.S. Trust says. Thompson started his career with a brief stint at Hopper Soliday in 1988 before moving on to Morgan Stanley within the same year, according to FINRA BrokerCheck records. He joined Barclays in 2014, BrokerCheck records show.
Joining U.S.Trust's New York office are Edward J. Finley, Fatima V. Sanandaji and Kurt V. Ryden. Finley started his career at J.P. Morgan in 2007, according to BrokerCheck records. He later moved to Deutsche Bank in 2012 before joining U.S. Trust, BrokerCheck records show. Sanandaji started her career at Citicorp Investments Services in 2005 before moving to HSBC securities in 2007 just prior to her move to U.S. Trust, BrokerCheck shows. Ryden had been with J.P. Morgan since 1998, according to BrokerCheck.
Jean-Pierre Green joins U.S. Trust in Bellevue, Wash., the firm says. Green started his career at AXA Advisors in 1998 before moving to Citicorp in 2000 and then J.P. Morgan in 2009, BrokerCheck records show. BrokerCheck also shows that Green worked for J.P. Morgan in 2009, where he stayed until arriving at U.S. Trust.
Abraham A. Dairi Joins U.S. Trust in Seattle, the firm says. Dairi's career started at Key Investment in 2011 and includes stops at Allstate Insurance, HSBC Securities and UnionBanc, prior to joining U.S. Trust, according to his LinkedIn profile.
Scott Logie joins U.S. Trust's Stamford, Conn., office, the firm says. Logie started his career at Salomon Brothers in 1986 before moving to Citigroup in 1998, according to BrokerCheck records. Records also show that Logie moved to Keefe, Bruyette & Woods in 2006. According to his LinkedIn, Logie moved to Carlson Capital in 2008 prior to joining U.S. Trust.
Jamie Andersen joins U.S. Trust in Naples, Fla., the firm says. Anderson started her career at Bank of America Securities in 2008 and stayed on with the firm's decision to purchase Merrill Lynch, according to BrokerCheck. She then moved to J.P. Morgan in 2011, BrokerCheck shows.
James Johnson joins U.S. Trust in Saint Louis, Mo., the firm says. Johnson started his career at Dean Witter Reynolds in 1987, BrokerCheck shows. Johnson later went on to do stints at Merrill Lynch, Kidder, Peabody, Citigroup, J.P. Morgan before joining KGS-Alpha Capital Markets in 2010, BrokerCheck shows.
Todd C. Roesch joins U.S. Trust in Dallas, the firm says. Roesch started his career at Lehman Brothers in 2006 and stayed on after its sale to Barclays in 2008, BrokerCheck shows.
Richard E. Barron joins U.S. Trust in Washington, the firm says. Barron started at Butcher & Singer in 1980, according to BrokerCheck, and worked for several firms, including Lehman Brothers, Deutsche Bank, Morgan Stanley and Suntrust, BrokerCheck shows.
(Image: Bloomberg News)
