Morgan Stanley recruits $576M international team
A Morgan Stanley investment consulting unit recruited a six-member ultrahigh-net-worth team managing $576 million, according to the company.
V. Thane Stenner and Youssef Zohny brought the StennerZohny Group to Graystone Consulting from Richardson GMP, one of Canada’s largest independent advisory firms. Morgan Stanley announced the move last week, noting they joined Graystone’s Palo Alto, California, office.
“After two years of due diligence on platforms in Canada and globally, we determined that the Graystone Consulting platform at Morgan Stanley was the best fit for our clients and family office/institutional practice,” Zohny said in a statement.
A spokeswoman for Richardson GMP did not respond to requests for comment Friday.
Zohny boasts a dozen years advising HNW clients, family offices and institutions, while Stenner has 29 years of experience with such clients across Canada and offshore. Adviser Simon Jochlin and three client services staffers moved to the Morgan unit alongside them.
The adviser reversed course after Merrill Lynch unveiled plans to phase out commission-based retirement accounts as part of its plan to comply with the Department of Labor's fiduciary rule.January 24
The independent firm affiliated with Raymond James recruited six advisers for a new branch office.February 24
Two advisers in the group are industry veterans who began their careers in the mid-1990s.February 8
The team hopes to secure all U.S. registrations by the end of the month, and they report to Palo Alto branch manager Stephen Bearden, according to the firm.
Morgan Stanley advisers have been at the center of recent recruiting efforts across the industry. The firm lost three teams last month to Steward Partners, a branch of Raymond James Financial Services. A $144 million team from Morgan also moved to Raymond James last week.
On the other hand, the firm added a Merrill Lynch team managing $602 million in February. In late January, Morgan also recruited an adviser back from Merrill after only four months with its wirehouse competitor.