Advisors on the Move: Morgan Stanley Grabs Billion-Dollar Mega Team
September 15, 2014 7:46 AM
Advisors on the Move
Morgan Stanley grabbed an advisor team managing $1.1 billion in assets. But the wirehouse isn't the only firm recruiting top advisor talent. See these and all the latest hires, moves and promotions among wirehouse advisors by clicking through On Wall Street's latest slideshow.
Morgan Stanley Recruits Mega Team
An advisor team that managed $1.1 billion left Merrill Lynch to join Morgan Stanley.
The team, comprised of advisors Michael Torpey and Charles Malamut, joined Morgan's Northfield, N.J., office. The two advisors will report to Chris Shaw, Southern New Jersey complex manager for Morgan, according to a statement from the firm.
Torpey and Malamut had a combined annual production of about $3.5 million.
According to FINRA records, Torpey had been a financial advisor at Merrill since 2008. Prior to that, he worked at Citigroup and UBS. Malamut was a long-time advisor at Merrill, having started his career in 1986, the documents show.
Read more: here
The team, comprised of advisors Michael Torpey and Charles Malamut, joined Morgan's Northfield, N.J., office. The two advisors will report to Chris Shaw, Southern New Jersey complex manager for Morgan, according to a statement from the firm.
Torpey and Malamut had a combined annual production of about $3.5 million.
According to FINRA records, Torpey had been a financial advisor at Merrill since 2008. Prior to that, he worked at Citigroup and UBS. Malamut was a long-time advisor at Merrill, having started his career in 1986, the documents show.
Read more: here
UBS Duo Joins Wells Fargo
UBS lost two advisors managing $141 million in client assets to Wells Fargo in Fresno, Calif. Advisor Kate Eiland had been at UBS since 2004. Elise Kausen joined the wirehouse the following year.
Read more: here
Image: Elise Kausen and Kate Eiland
Read more: here
Image: Elise Kausen and Kate Eiland
Wells Fargo Recruits UBS Team With $479M AUM
A former UBS advisor team managing $479 million in combined client assets joined Wells Fargo in Seal Beach, Calif., south of Los Angeles. The team, known as MDC Group, is comprised of advisors Jose Moreno, Michael Dye and Oliver Cervantes.
Moreno and Dye joined UBS in 1997, according to FINRA records. Cervantes also joined the Swiss-owned wirehouse in 1999, the records show.
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Image: Jose Moreno, Michael Dye and Oliver Cervantes
Moreno and Dye joined UBS in 1997, according to FINRA records. Cervantes also joined the Swiss-owned wirehouse in 1999, the records show.
Read more: here
Image: Jose Moreno, Michael Dye and Oliver Cervantes
Merrill Lynch Trio Moves to Wells
Three ex-Merrill Lynch advisors left to join Wells Fargo in San Francisco. While at Merrill, the three managed $142 million in combined assets. Senior team member Bruce Lin started his career in 2000 with Morgan Stanley Dean Witter. Patrick Chan had been with Merrill since 2011 while Michael Hartmeyer had been at the wirehouse since 2012.
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Image: Patrick Chan, Erica Jang, Michael Hartmeyer, Jeffrey Lee and Bruce Lin
Read more: here
Image: Patrick Chan, Erica Jang, Michael Hartmeyer, Jeffrey Lee and Bruce Lin
Executive Shuffle at Janney
Janney Montgomery Scott has a new products chief for wealth management, replacing the former head who stepped down to return to the world of financial planning.
Kevin Reed, previously managing director of taxable fixed income at the firm, replaced David Penn earlier this month, and will report directly to CEO Tim Scheve. Reed also joined Janney's executive committee.
In his new role, Reed will oversee Janney's products and solutions for the firm's 725 advisors.
Read more: here
Image: Kevin Reed
Kevin Reed, previously managing director of taxable fixed income at the firm, replaced David Penn earlier this month, and will report directly to CEO Tim Scheve. Reed also joined Janney's executive committee.
In his new role, Reed will oversee Janney's products and solutions for the firm's 725 advisors.
Read more: here
Image: Kevin Reed
Two UBS Advisors Go Independent
UBS advisors Robert Rotstan and James Vale joined Wells Fargo Advisors Financial Network, the firm's independent channel, in Irvine, Calif., south of Los Angeles. The advisors managed $95 million in client assets, and joined Bennett Greco Group, an existing Wells advisor team.
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Rotstan is a 38-year industry veteran, having started his career with Merrill Lynch in 1976. He joined UBS in 2009. Vale also started at Merrill, in 2000, later moving to UBS in 2009.
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Rotstan is a 38-year industry veteran, having started his career with Merrill Lynch in 1976. He joined UBS in 2009. Vale also started at Merrill, in 2000, later moving to UBS in 2009.
Read more: here
Wells Fargo Picks Up UBS Advisor With $244 Million AUM
Advisor Teresa Harmon joined Wells Fargo in Seal Beach, Calif., who managed $244 million in assets while at UBS. Harmon is a 30-year industry veteran, having started her career in 1983 with E.F. Hutton.
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Image: Dakota Lee Murphy, Wendy Keeler, Teresa Harmon and Marissa Michelle Roncancio
Read more: here
Image: Dakota Lee Murphy, Wendy Keeler, Teresa Harmon and Marissa Michelle Roncancio
Raymond James Grabs Wells Advisor
Raymond James recruited a Wells Fargo advisor managing $115 million in assets, according to the firm.
Advisor Robert Clayson generated $800,000 in annual revenue while at Wells. He and senior registered client service associate Carolyne Wabuyele joined the Wellesley Hills, Mass., office of Raymond James & Associates, the traditional employee broker-dealer arm of Raymond James.
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Clayson is a 43-year veteran of the financial services industry, and worked at Bear Stearns and Morgan Stanley, according to FINRA records. He joined Wachovia in 2004 and stayed through the firm's merger with Wells Fargo.
Read more: here
Image: Robert Clayson
Advisor Robert Clayson generated $800,000 in annual revenue while at Wells. He and senior registered client service associate Carolyne Wabuyele joined the Wellesley Hills, Mass., office of Raymond James & Associates, the traditional employee broker-dealer arm of Raymond James.
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Clayson is a 43-year veteran of the financial services industry, and worked at Bear Stearns and Morgan Stanley, according to FINRA records. He joined Wachovia in 2004 and stayed through the firm's merger with Wells Fargo.
Read more: here
Image: Robert Clayson
HighTower Lures Away Merril Lynch Team
A Merrill Lynch advisor team managing $440 million in assets has left the wirehouse to join HighTower.
William Wolf and Ethan Collins moved from Newark, N.J., to Red Bank, to join HighTower's Parternship, the firm's employee channel model. This is the 46th team to join the partnership, which is one of three options that advisors have when choosing to join the firm.
Wolf joined Merrill in 1998, and has 20-years in the industry, according to FINRA records. Collins joined the wirehouse in 2001. He previously served in the U.S. Army, according to a statement from HighTower.
Read more: here
Image: William Wolf and Ethan Collins
William Wolf and Ethan Collins moved from Newark, N.J., to Red Bank, to join HighTower's Parternship, the firm's employee channel model. This is the 46th team to join the partnership, which is one of three options that advisors have when choosing to join the firm.
Wolf joined Merrill in 1998, and has 20-years in the industry, according to FINRA records. Collins joined the wirehouse in 2001. He previously served in the U.S. Army, according to a statement from HighTower.
Read more: here
Image: William Wolf and Ethan Collins
Advisor With $124M AUM Joins Ameriprise
Raymond James advisor Steven Jacobson has moved to Ameriprise, joining the firm in New Orleans. Jacobson managed $124 million in assets while at Raymond James, according to a statement from Ameriprise. He is a 22-year industry veteran, according to the records. Prior to Raymond James, Jacobson worked at UBS and Smith Barney.
Read more: here
Image: Steven Jacobson
Read more: here
Image: Steven Jacobson
Baird Recruits Wells Fargo Branch Manager
Branch manager James W. McGuire left his post at Wells Fargo Advisors to join Baird's Philadelphia office where he will oversee 10 employees. In his new position he will also serve as a financial advisor. While at Wells Fargo, he managed the wirehouse's office in Conshohocken, Pa., a suburb of Philadelphia.
McGuire has been in the financial services industry since 1992, according to FINRA records. In 2005 he started work at A.G. Edwards, which was later acquired by Wachovia and then Wells Fargo. A spokeswoman for Wells Fargo confirmed McGuire's departure.
Read more: here
Image: James W. McGuire
McGuire has been in the financial services industry since 1992, according to FINRA records. In 2005 he started work at A.G. Edwards, which was later acquired by Wachovia and then Wells Fargo. A spokeswoman for Wells Fargo confirmed McGuire's departure.
Read more: here
Image: James W. McGuire
Ameriprise Grabs Advisors Managing About $200M in Assets
Former wirehouse advisor Ron Camisasca signed on with Ameriprise in Clearwater, Fla., outside of Tampa. Camisasca previously served at Morgan Stanley where he managed $96 million in assets. He started his career in 1982 at Merrill Lynch, according to FINRA records. He later worked at Lehman Brothers and Wachovia, and joined Morgan Stanley in 2005.
Merrill Lynch's Sandra Hudgins also left the firm to join Ameriprise's employee channel in Dallas. Hudgins managed $100 million in client assets while at Merrill, according to an Ameriprise statement. Hudgins started her advisory career with Southwest Securities in 1995, FINRA records show. She moved to Morgan Stanley in 2004 and then joined Merrill in 2008.
Read more: here
Merrill Lynch's Sandra Hudgins also left the firm to join Ameriprise's employee channel in Dallas. Hudgins managed $100 million in client assets while at Merrill, according to an Ameriprise statement. Hudgins started her advisory career with Southwest Securities in 1995, FINRA records show. She moved to Morgan Stanley in 2004 and then joined Merrill in 2008.
Read more: here
Baird Recruits RBC Advisor
Baird has picked up former RBC advisor Christopher J. Coburn for the firm's Denver office. Coburn previously managed about $150 million in assets for RBC Capital Markets, according to a statement from Baird.
He had been an advisor at RBC since 2005. Prior to that, he worked at Wachovia.
Read more: here
Image: Christopher J. Coburn
He had been an advisor at RBC since 2005. Prior to that, he worked at Wachovia.
Read more: here
Image: Christopher J. Coburn
Ameriprise Recrsuits Advisor With $138M AUM
John E. Ledford left CommonWealth Financial Network, an independent broker-dealer and RIA, to join Ameriprise's Orlando branch as an employee-channel advisor. Ledford managed $138 million in assets while at CommonWealth, according to a statement from Ameriprise.
Ledford has been in the securities business for nearly 20 years, according to FINRA records. He joined CommonWealth in 2001.
Read more: here
Image: John Ledford
Ledford has been in the securities business for nearly 20 years, according to FINRA records. He joined CommonWealth in 2001.
Read more: here
Image: John Ledford
Morgan Bands Advisors AUM of $175M
Morgan Stanley has added a J.P. Morgan Chase advisor who managed $175 million in assets. Jon Garofalo joined Morgan's Westport, Conn., office. At his previous firm, Garofalo generated $1.5 million in revenue.
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The new additions dwarf Morgan's recent advisor losses to rival firms; last month Wells Fargo snapped up a team managing $348 million while Raymond James picked up a Morgan advisor duo managing $180 million.
Read more: here
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The new additions dwarf Morgan's recent advisor losses to rival firms; last month Wells Fargo snapped up a team managing $348 million while Raymond James picked up a Morgan advisor duo managing $180 million.
Read more: here
Janney Recruits Advisor Managing $115M in Assets
Advisor Michael Coraggio has joined Janney Montgomery Scott 's lower office in New York's lower Manhattan, where he will serve as executive vice president of investments.
Coraggio formerly managed about $115 million in client assets and generated roughly $1.3 million in annual revenue while at BB&T Scott & Stringfellow, a Richmond, Va.-based regional brokerage and investment banking firm, according to a statement from Janney. FINRA records show he was with BB&T since 2006.
Read more: here
Coraggio formerly managed about $115 million in client assets and generated roughly $1.3 million in annual revenue while at BB&T Scott & Stringfellow, a Richmond, Va.-based regional brokerage and investment banking firm, according to a statement from Janney. FINRA records show he was with BB&T since 2006.
Read more: here
Deutsche Recruits Executive and Private Banker From J.P. Morgan
Deutsche Asset & Wealth Management hired a former executive and private banker from J.P. Morgan.
Mark LaRoe joined Deutsche as managing director and head of the firm's U.S. private bank in the Texas region. LaRoe previously served as managing director at J.P. Morgan Private Bank, according to a statement from Deutsche.
He is joined by Anthony Scotti, who also left Morgan to join Deutsche as vice president and private banker. According to FINRA records, Scotti had been at Morgan since 2010, and worked for Credit Suisse before that.
Both are opening an office in Dallas for Deutsche, as part of the firm's growth plan in the U.S.
Read more: here
Mark LaRoe joined Deutsche as managing director and head of the firm's U.S. private bank in the Texas region. LaRoe previously served as managing director at J.P. Morgan Private Bank, according to a statement from Deutsche.
He is joined by Anthony Scotti, who also left Morgan to join Deutsche as vice president and private banker. According to FINRA records, Scotti had been at Morgan since 2010, and worked for Credit Suisse before that.
Both are opening an office in Dallas for Deutsche, as part of the firm's growth plan in the U.S.
Read more: here
RBC Entices Away Merrill Advisor
RBC Wealth Management recruited a Merrill Lynch advisor managing more than $230 million.
Former Merrill advisor Jesse Bengtson generated $3.5 million in revenue while at the wirehouse, according to a statement from RBC.
Bengtson and registered client associate Andrea Pickerign join RBC in Stillwater, Minn., a suburb of Minneapolis. Bengtson started his career in the securities industry in 2002 at U.S. Bancorp, according to FINRA records. He joined Wells Fargo in 2005, moving to Merrill in 2007.
Read more: here
Former Merrill advisor Jesse Bengtson generated $3.5 million in revenue while at the wirehouse, according to a statement from RBC.
Bengtson and registered client associate Andrea Pickerign join RBC in Stillwater, Minn., a suburb of Minneapolis. Bengtson started his career in the securities industry in 2002 at U.S. Bancorp, according to FINRA records. He joined Wells Fargo in 2005, moving to Merrill in 2007.
Read more: here
