Barclays advisors who made $6 million in production have switched to Merrill Lynch, according to the wirehouse, in yet another round of defections before the British bank folds its wealth management operations into Stifel's.
There is no word on how much in client assets Peter Kong and John Shaw were overseeing before their departure from Barclays. A spokeswoman for Merrill declined to comment. The team reports to Tracy Murphy, a regional managing director in Merrill's Private Banking and Investment Group for the Pacific Northwest region, the firm said.
We are delighted to be able to bring on teams of this caliber and look forward to providing their clients with an excellent client experience, Murphy said.
In an earlier defection, a group with $3 billion in assets under management left to start their own firm. A 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.
At the time the deal with Stifel was announced in June, Barclays had 180 brokers managing $56 billion in assets and operating from 12 offices, all in large, lucrative markets like Chicago and New York. But since then, more than 40 advisors, or approximately 20% of the firm's total, have left, according to On Wall Street reporting.
Stifel said that the acquisition would add approximately $200 million to $325 million in revenue to the firm. However, terms were not disclosed, leaving industry insiders wondering whether Stifel may end up overpaying for the brokerage unit. "Some may say it's a disaster, but it's still too early to tell," said recruiter Danny Sarch, president of Leitner Sarch Consultants.
Barclays branch manager John Houlihan also headed for the exits just before that, becoming the first management leader to bail before the merger is complete.
- $3B Barclays Team Joins Dynasty as Stifel Deal Nears
- Barclays Branch Manager Exits, Joins Wave of Departures
- Advisors on the Move: Morgan Grabs $1B Team
Register or login for access to this item and much more
All On Wall Street content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access