Billion-dollar bye-byes: Which firms lost mega brokers?
Mega teams have been making waves in 2019, including the largest breakaway wirehouse team to go indie in the last five years.
UBS picked up a Goldman Sachs group that oversaw $6.6 billion while a Morgan Stanley team with nearly as much AUM — $6 billion — cut ties with the wirehouse in order to open its own RIA. The breakaway team’s AUM eclipses that of two other big breakaway groups each managed more than $4 billion and which left Morgan Stanley in 2017 and Merrill Lynch in 2018.
Wirehouses also lost top talent in recent months to regional BDs and boutique wealth managers. Stifel hired a $1 billion Merrill team for a newly opened branch in Fort Worth, Texas. And Wells Fargo lost a group managing $1.5 billion to First Republic, which has been poaching elite brokers from its larger wirehouse rivals.
To see these and other hires, career moves and executive appointments, scroll down.
To see the last roundup of hires, click here.