An advisor who managed $210 million in client assets left Credit Suisse for Stifel, a spokesman confirmed.
Timothy Darragh joined Stifel in Chicago. Darragh, a 27-year industry veteran, had been with Credit Suisse and its predecessor firm since 2001, per FINRA BrokerCheck.
Darragh is the latest advisor to leave Credit Suisse, which is exiting the U.S. wealth management market amid company restructuring. The Swiss firm reached an agreement with Wells Fargo to give the wirehouse exclusive recruiting rights for its U.S.-based advisors.
The wirehouse offered Credit Suisse advisors up to 300% of their annual production in order to make the move, according to people familiar with the matter.
However, many of the firm's advisors – turned off by the terms of the deal, which included a 13-year contract – have passed on Wells Fargo's offer in order to join rivals including Morgan Stanley, J.P. Morgan Securities and UBS.
UBS was among the more successful recruiters, pulling over more than 70 advisors from its Swiss rival. That success sparked a raiding claim in arbitration by Credit Suisse, which is still pending.
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