Morgan Stanley complex manager to become head of Jefferies wealth unit
Jefferies recruited a Morgan Stanley complex director to serve as the global head of wealth management, according to two people familiar with the matter. The role was left vacant after Michael Armstrong departed for RBC earlier this year.
Industry veteran Robert Peyreigne previously oversaw the wirehouse's Madison Avenue complex in New York. He managed more than 450 employees, according to a person familiar with the matter. Advisers at the complex managed approximately $40 billion in assets, the source said.
A Morgan Stanley spokeswoman confirmed his departure but declined to comment further.
Peyreigne was hired to help accelerate Jefferies growth, according a source. The firm's wealth management business has more than 50 advisers operating from several large U.S. metropolitan markets including New York, Chicago and Los Angeles.
He will be taking over the business at a critical time for the industry. For instance, the Department of Labor's fiduciary rule is due to be implemented in April, barring changes from President-elect Trump.
Peyreigne graduated for from the U.S. Naval Academy in 1981 and served as a naval aviator. He joined Kidder Peabody in 1988, according to FINRA BrokerCheck records. He later worked at UBS and Merrill Lynch before moving to Morgan Stanley in 2006.
His predecessor Armstrong left Jefferies in April. He replaced retiring RBC Wealth Management-U.S. CEO John TaftThe brokerage firm has more than 1,800 advisers.
There have been a number of changes in leadership at the major wealth management firms. All four wirehouses have new figures leading their businesses.