Advisors on the Move: $1B Team Exits UBS
April 4, 2016 2:01 PM
Morgan Stanley nabbed a UBS team that managed $1 billion in client assets; however the wirehouse saw another team that produced nearly $3.7 million in annual revenue leave for the independent space with Raymond James.
The wirehouse is not the only one losing advisors to the indie channel. Wells Fargo saw two teams that produced roughly $3 million in annual revenue take the independence route. FiNet, on the other hand, hired an ex-Merrill Lynch advisor who oversaw more than $663 million in client assets.
See these and all the latest recruiting moves by clicking through our slideshow.
The wirehouse is not the only one losing advisors to the indie channel. Wells Fargo saw two teams that produced roughly $3 million in annual revenue take the independence route. FiNet, on the other hand, hired an ex-Merrill Lynch advisor who oversaw more than $663 million in client assets.
See these and all the latest recruiting moves by clicking through our slideshow.
Morgan Lures $1B UBS Team
A UBS team that oversaw about $1 billion in client assets left to join Morgan Stanley, the recruiter who oversaw the move says.
Abraham Chehebar, Javier Jaramillo, Juan Carom left UBS in Coral Gables, Fla., this week to join Morgan in Miami, Steve Rosen, president of Rainmaker Associates told On Wall Street in an exclusive interview.
The trio generated about $11 million in annual revenues before jumping between the wirehouses, according to Rosen. A Morgan spokeswoman could not immediately confirm the move, and a UBS spokesman said the firm doesn't comment on departures.
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Image: Bloomberg
Abraham Chehebar, Javier Jaramillo, Juan Carom left UBS in Coral Gables, Fla., this week to join Morgan in Miami, Steve Rosen, president of Rainmaker Associates told On Wall Street in an exclusive interview.
The trio generated about $11 million in annual revenues before jumping between the wirehouses, according to Rosen. A Morgan spokeswoman could not immediately confirm the move, and a UBS spokesman said the firm doesn't comment on departures.
To read more,
Image: Bloomberg
Morgan Advisor Goes Indie, Joins $860M Team
A Morgan Stanley advisor left the wirehouse to join Snowden Lane Partners, according to a spokesman for the independent firm.
Based in Snow Haven, Conn., Kieran Doherty joined an existing team at Snowden Lane that manages more than $860 million in client assets, the firm says. The team is led by partners and managing directors Kevin Guth and Steve Fordyce.
Doherty started his career at First Albany Capital in New York 12 years ago, according to FINRA BrokerCheck records.
To read more,click here
Advisor Kieran Doherty left Morgan Stanley to join Snowden Lane, an independent firm founded by former wirehouse executives.
Based in Snow Haven, Conn., Kieran Doherty joined an existing team at Snowden Lane that manages more than $860 million in client assets, the firm says. The team is led by partners and managing directors Kevin Guth and Steve Fordyce.
Doherty started his career at First Albany Capital in New York 12 years ago, according to FINRA BrokerCheck records.
To read more,
Advisor Kieran Doherty left Morgan Stanley to join Snowden Lane, an independent firm founded by former wirehouse executives.
$1.2B J.P. Morgan Team Goes Indie with Silicon Valley Help
J.P. Morgan advisors who oversaw $1.2 billion in client assets are striking out on their own, helped by a Silicon Valley startup with links to secretive big-data firm Palantir Technologies.
David Savir, 32, and Carlos Dominguez, 43, left J.P. Morgan last month to start Miami-based Element Pointe Advisors, which will manage investments and provide oversight for wealthy families. Clients worth more than $50 million often have assets held in trusts and partnerships managed by several institutions, Savir said in an interview.
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Image: Bloomberg
David Savir, 32, and Carlos Dominguez, 43, left J.P. Morgan last month to start Miami-based Element Pointe Advisors, which will manage investments and provide oversight for wealthy families. Clients worth more than $50 million often have assets held in trusts and partnerships managed by several institutions, Savir said in an interview.
To read more,
Image: Bloomberg
$663M Ex-Merrill Advisor Goes Indie With Wells Fargo
A former wirehouse advisor who managed more than $663 million in client assets joined Wells Fargo Advisor Financial Network, a spokeswoman said.
Jim Murray previously held positions at U.S. Trust and Merrill Lynch, both units of Bank of America, according to a Wells Fargo spokeswoman.
He opened Guidestar Private Wealth Management in West Lake Village, Calif. Besides being Guidestar's founder and managing principle, Murray also supervises the firm's investment portfolio, a spokeswoman said.
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After more than 20 years in the wirehouse space, advisor Jim Murray went independent with Wells Fargo Advisors Financial Network. Image: Wells Fargo
Jim Murray previously held positions at U.S. Trust and Merrill Lynch, both units of Bank of America, according to a Wells Fargo spokeswoman.
He opened Guidestar Private Wealth Management in West Lake Village, Calif. Besides being Guidestar's founder and managing principle, Murray also supervises the firm's investment portfolio, a spokeswoman said.
To read more, click here
After more than 20 years in the wirehouse space, advisor Jim Murray went independent with Wells Fargo Advisors Financial Network. Image: Wells Fargo
Former Morgan Advisor with $570M AUM Joins Steward Partners
A Morgan Stanley advisor with more than $570 million in client assets has gone independent with Steward Partners, the firm said.
Eric Beiley joined the Raymond James affiliated-firm started by former wirehouse advisors as a founding partner, according a statement from Steward Partners.
Beiley managed more than $570 million in client assets while at Morgan and had a total production of $3.65 million, the statement says. His production level, according to Steward Partners, makes Beiley one of the largest single producers to join Raymond James independent channel.
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Image: Bloomberg
Eric Beiley joined the Raymond James affiliated-firm started by former wirehouse advisors as a founding partner, according a statement from Steward Partners.
Beiley managed more than $570 million in client assets while at Morgan and had a total production of $3.65 million, the statement says. His production level, according to Steward Partners, makes Beiley one of the largest single producers to join Raymond James independent channel.
To read more, click here
Image: Bloomberg
Two teams with combined assets of $550 million moved to HighTower from Morgan Stanley and SunTrust, HighTower said.
The Rand Group, which oversaw $200 million in client assets at Morgan Stanley, is based in two locations: Newport Beach, Calif., and Maui, Hawaii. The team specializes in serving small business owners.
HighTower also hired the Florida-based Otto Group from SunTrust. That team managef="http://www.onwallstreet.com/news/industry/330m-team-reunites-with-mother-merrill-2696180-1.html">click here
Jeremy Newton and Stephen Lamb left Morgan Stanley to rejoin Merrill Lynch, the firm where they both started their careers.
The Rand Group, which oversaw $200 million in client assets at Morgan Stanley, is based in two locations: Newport Beach, Calif., and Maui, Hawaii. The team specializes in serving small business owners.
HighTower also hired the Florida-based Otto Group from SunTrust. That team managef="http://www.onwallstreet.com/news/industry/330m-team-reunites-with-mother-merrill-2696180-1.html">click here
Jeremy Newton and Stephen Lamb left Morgan Stanley to rejoin Merrill Lynch, the firm where they both started their careers.
Credit Suisse Advisor Joins Partner at Morgan
A Credit Suisse advisor who made $3.2 million in annual revenue joined his partner at Morgan Stanley as part of the firm's unit devoted to working with Latin American clients, a source familiar with the move said.
Hernan Gonzalez left g to FINRA BrokerCheck records.
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The source did not have permission to speak publicly about the move and asked not to be named.
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Image: Bloomberg
Hernan Gonzalez left g to FINRA BrokerCheck records.
To read more, click here
The source did not have permission to speak publicly about the move and asked not to be named.
To read more,
Image: Bloomberg
A team that generated more than $1.3 million in annual revenue left Wells Fargo to join Steward Partners, according to the firm.
CEO Michael Maurer says that several big teams are expected to sign on with Steward in the next few months, bringing the firm's total recruited assets to about $5 billion.
Similar to Steward Partners' other recent wirehouse recruits, Derek Majkowski and George Shirley say they left Wells Fargo becE
Image: Stifel
CEO Michael Maurer says that several big teams are expected to sign on with Steward in the next few months, bringing the firm's total recruited assets to about $5 billion.
Similar to Steward Partners' other recent wirehouse recruits, Derek Majkowski and George Shirley say they left Wells Fargo becE
Image: Stifel
$200M Morgan Team Moves to Stifel
Stifel hired a team from Morgan Stanley that oversaw more than $200 million in client assets, according to a person familiar with the move.
The team will open a new office for Stifel in Sioux Falls, S.D., according to the person. They report to John F. Lee, managing director.
The team includes advisors Jennifer Sherman, Greg Risse, Mary Steiner and Troy Rames.
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Montes" was stationed in Miami while working for Credit Suisse and will remain there under Morgan, the source said.
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Image: Bloomberg
The team will open a new office for Stifel in Sioux Falls, S.D., according to the person. They report to John F. Lee, managing director.
The team includes advisors Jennifer Sherman, Greg Risse, Mary Steiner and Troy Rames.
To read more,
Montes" was stationed in Miami while working for Credit Suisse and will remain there under Morgan, the source said.
To read more, click here
Image: Bloomberg
Veteran Wells Fargo advisors with $225 million in client assets have moved to the independent channel of Raymond James, Raymond James said.
Gregory Weggeman and R. Peter Dales, operating as ClearTrack Financial Advisors, had $1.6 million in annual production before making the move, according to Raymond James.
Weggeman, now managing partner at ClearTrack, started his career at Wayne Hummer 38 years ago before moving to Blunt Ellis & Loewi, a predecessor of Wells Fargo Advisors, according to FINRA BrokerCheck records.
To read more, click here
Sabina McCarthy became vice chairwoman of Merrill Lynch Wealth Management, and the firm promoted Jeffrey Tucker to her old job as division executive for New York.
Now Racquel Oden is taking over?:_image_14=p1afh70n6f166bu9jq5gbr1qtv6.jpg
Gregory Weggeman and R. Peter Dales, operating as ClearTrack Financial Advisors, had $1.6 million in annual production before making the move, according to Raymond James.
Weggeman, now managing partner at ClearTrack, started his career at Wayne Hummer 38 years ago before moving to Blunt Ellis & Loewi, a predecessor of Wells Fargo Advisors, according to FINRA BrokerCheck records.
To read more, click here
Now Racquel Oden is taking over?:_image_14=p1afh70n6f166bu9jq5gbr1qtv6.jpg
Merrill Names Advisor Training Head as Complex Manager
Merrill Lynch filled a management gap, naming the head of its advisor training program as manager of one of its largest offices in New York.
The opening came up after To read more, Sabina McCarthy became vice chairwoman of Merrill Lynch Wealth Management, and the firm promoted Jeffrey Tucker to her old job as division executive for New York.
Now Racquel Oden is taking over Tucker's previous position as market executive of the firm's Fifth Avenue Market, according to an internal memo. Oden, who now reports to Tucker, will oversee about 200 financial advisors managing approximately $35 billion in client assets.
To read more, click here
Racquel Oden is Merrill's newest market executive.
The opening came up after To read more, Sabina McCarthy became vice chairwoman of Merrill Lynch Wealth Management, and the firm promoted Jeffrey Tucker to her old job as division executive for New York.
Now Racquel Oden is taking over Tucker's previous position as market executive of the firm's Fifth Avenue Market, according to an internal memo. Oden, who now reports to Tucker, will oversee about 200 financial advisors managing approximately $35 billion in client assets.
To read more, click here
Racquel Oden is Merrill's newest market executive.
RBC Names Veteran Insider as President
RBC named a veteran executive as president, a newly created position for the firm.
Tom Sagissor will oversee the firm's private client group, which has about 1,900 U.S.-based advisors overseeing approximately $264 billion in clilio manager. Barcia previously worked at GM Advisory Group as the chief investment officer.
Image: Bloomberg
Tom Sagissor will oversee the firm's private client group, which has about 1,900 U.S.-based advisors overseeing approximately $264 billion in clilio manager. Barcia previously worked at GM Advisory Group as the chief investment officer.
Image: Bloomberg
Raymond James Appoints New General Counsel
Raymond James has announced a new general counsel and corporate secretary replacing Paul Matecki, after 26 years with the company.
Jonathan Santelli, former deputy general counsel of First Republic Bank in California, will take his lead at Raymond James starting May 2. Santelli, a 20-year industry veteran, took charge of legal and compliance at First Republic.
Previously, Santelli also served as a managing director and associate general counsel with Bank of America.
Image: Raymond James
Jonathan Santelli, former deputy general counsel of First Republic Bank in California, will take his lead at Raymond James starting May 2. Santelli, a 20-year industry veteran, took charge of legal and compliance at First Republic.
Previously, Santelli also served as a managing director and associate general counsel with Bank of America.
Image: Raymond James
Ex-Merrill Complex Manager Joins UBS
UBS is hiring a veteran Merrill Lynch executive as its newest complex managing director, the firm said.
Greg Achten will lead UBS' Cincinnati complex, which is one of the largest complexes of UBS, according to the firm. He will take over as complex manager on April 18.
Achten started his career as an advisor at Merrill, according to FINRA BrokerCheck records.
To read more, click here
Image: Bloomberg
Greg Achten will lead UBS' Cincinnati complex, which is one of the largest complexes of UBS, according to the firm. He will take over as complex manager on April 18.
Achten started his career as an advisor at Merrill, according to FINRA BrokerCheck records.
To read more, click here
Image: Bloomberg
U.S. Trust Hires Several New Recruits<br>U.S. Trust Hires Several New Recruits
Exec Named for Expanded Regional Role
A U.S. Trust executive has taken on an expanded regional role for the elite Bank of America unit.
Mark Benson, currently head of U.S. Trusts West Division, which includes California, Washington, Oregon, Arizona, Nevada, Idaho and Colorado, has been named to also oversee the Central South Division, a spokeswoman said.
The division focuses on the Texas market, where Benson has lived and worked for several years, the spokeswoman said.
To read more, click here
Additions Made to Private Client Advisor Force
Five new recruits have joined Bank of America's elite wealth management unit, U.S Trust.
In California, Matthew R. Carrier joined the firm's Los Angeles office as a private client advisor, according to U.S. Trust. Carrier previously worked at HSBC Private Bank as a senior vice president- senior relationship manager. Reza Golchini, meanwhile, joined the firm's San Francisco office as a private client manager. Golchini previously worked at Citigroup as a private banker.
Also on the West Coast, Jonathan B. Hommer joined the firm's office in Seattle as a wealth strategies advisor. Hommer previously worked at Stoel Rives as an estate planning attorney.
Matthew R. Kline has joined the Fort Worth, Texas, office as a private client manager. He previously worked at J.P. Morgan Chase as a commercial banker.
Peter C. Barcia has joined the U.S. Trust office in as a portfolio manager. Barcia previously worked at GM Advisory Group as the chief investment officer.
Image: Bloomberg
A U.S. Trust executive has taken on an expanded regional role for the elite Bank of America unit.
Mark Benson, currently head of U.S. Trusts West Division, which includes California, Washington, Oregon, Arizona, Nevada, Idaho and Colorado, has been named to also oversee the Central South Division, a spokeswoman said.
The division focuses on the Texas market, where Benson has lived and worked for several years, the spokeswoman said.
To read more, click here
Additions Made to Private Client Advisor Force
Five new recruits have joined Bank of America's elite wealth management unit, U.S Trust.
In California, Matthew R. Carrier joined the firm's Los Angeles office as a private client advisor, according to U.S. Trust. Carrier previously worked at HSBC Private Bank as a senior vice president- senior relationship manager. Reza Golchini, meanwhile, joined the firm's San Francisco office as a private client manager. Golchini previously worked at Citigroup as a private banker.
Also on the West Coast, Jonathan B. Hommer joined the firm's office in Seattle as a wealth strategies advisor. Hommer previously worked at Stoel Rives as an estate planning attorney.
Matthew R. Kline has joined the Fort Worth, Texas, office as a private client manager. He previously worked at J.P. Morgan Chase as a commercial banker.
Peter C. Barcia has joined the U.S. Trust office in as a portfolio manager. Barcia previously worked at GM Advisory Group as the chief investment officer.
Image: Bloomberg
