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Ameriprise grabs $270M wirehouse team

Ameriprise recruited a Morgan Stanley team that managed $270 million in client assets, according to a spokeswoman for the regional firm.

They're the latest regional hires on the tails of a recruiting slowdown at three of the four wirehouses.

Ken Demps Ameriprise Financial adviser

Ameriprise's new group consists of Robert Dennis, Ken Demps and Jay MacKenzie. They joined Ameriprise's employee channel in Troy, Michigan. They made the move in part because they thought Ameriprise's corporate culture and philosophy was a good fit for their team, Demps said in a statement.

Demps was a Morgan Stanley veteran, having started his advisory career at the company in 1984, according to FINRA BrokerCheck.

Though the wirehouse notched impressive wins, Merrill wasn't the only firm to land elite recruits recently.
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Dennis began his career at H&R Block Financial Advisors in 1995, according to BrokerCheck. He joined Morgan Stanley in 2003.

MacKenzie is an industry veteran. He got his start in 1974 at First of Michigan Corporation, per BrokerCheck. He has additional work experience at Lehman Brothers and UBS among other firms.

A spokeswoman for Morgan Stanley was not available for immediate comment.

Ameriprise last announced new hires earlier this month, when the Minneapolis-based firm said it lured over a Wells Fargo FiNet team that managed more than $430 million in client assets. That team, which moved to Ameriprise's independent channel, is based in Lafayette, Indiana.

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