The number of Barclays advisors jumping ship rather than joining Stifel continues to grow.

In the latest defection since Barclays announced a deal to sell its U.S. wealth management operations to Stifel, a group with $3 billion in assets under management has left to start a new firm. The team of six advisors -- Jack Petersen, James Cantelupe, Peter Lee, Tom Palecek, David Romhilt and John Scarborough -- launched their independent advisory firm Summit Trail Advisors with Dynasty Financial Partners. Summit's offices will be in New York, Chicago and San Francisco.

"When [my Barclays colleague] Tom Palecek first raised the idea of establishing an independent firm, I thought it was intriguing and, after extensive due diligence and working with Dynasty, it became compelling," says Petersen, Summit's managing director. "As an independent firm we can now provide even better research, investment solutions and reporting technology for our clients."
Petersen joined Barclays in 2008. He was managing their wealth and investment unit for six years before departing. In his 22-year career, he made major stops at Morgan Stanley and Lehman Brothers as well, according to his LinkedIn profile.

Advisor Romhilt was heading the due diligence unit at Barclays, which he joined in 2011, according to FINRA's BrokerCheck. He is the chief investment officer of the newly formed RIA.

The six partners worked together for over a decade and collectively bring experience from Barclays Wealth, Lehman Brothers, Goldman Sachs, AllianceBernstein, Morgan Stanley and Cambridge Associates.

Since Stifel's deal for Barclays wealth management business was announced, Barclays has lost about 40 advisors, or approximately 20% of the firm's total brokerage force, according to On Wall Street reporting.

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