Morgan Stanley Recruiting Sweep: Advisors With Nearly $2B
Morgan Stanley said it had recently recruited advisors managing nearly $2 billion in client assets.
In two moves, the firm benefited from advisors departing Credit Suisse and Barclays. Those two European firms are exiting the U.S. private client market. Barclays entered into an agreement to sell its U.S. wealth management unit to Stifel Financial, but has seen nearly half of its advisors leave for firms such as Morgan, Merrill Lynch and J.P. Morgan.
Credit Suisse, meanwhile, entered into an agreement with Wells Fargo last month, allowing its advisors to transition their books of business to Wells Fargo by early 2015.
In one of the largest recent moves to Morgan, the wirehouse pulled in a team from Credit Suisse that generated $6.4 million in annual revenue and oversaw $610 million in client assets.
Advisors William Gambrill and Josef Najar joined Morgan in New York where they report to Dave Turetzky, branch manager. Last year, Najar was featured as No. 40 on On Wall Street's Top 40 Under 40.
At the time, Najar said that he offered his clients, many of whom owned shipping businesses, extra services beyond financial planning, such as helping them locate an investment bank if they needed that kind of service. That work often bore fruit later on in terms of additional business, he said.
"You have to be hanging around the hoop to get the ball passed to you. You have to have discussions that don't necessarily have immediate revenues attached to them," Najar said.
Gambrill and Najar had been with Credit Suisse since 2011, according to FINRA BrokerCheck records. Prior to that they had previous work experience at Barclays and Lehman Brothers.
Former Barclays advisor James Fitzgerald also joined Morgan in New York. While at the British firm he generated more than $1 million in annual production and oversaw $960 million in client assets, according to Morgan. He reports to Complex Manager Ben Firestein.
Fitzgerald started his career at Lehman Brothers in 2004, which was later acquired by Barclays.
In separate moves, Wells Fargo lost two advisors managing $140 million in assets each. Advisor Patrick Smith joined Morgan in Minneapolis. Smith generated approximately $1.4 million in annual revenue while at Wells Fargo. He now reports to Mark Gherity, complex manager.
Smith had been with Wells since 2004.
Former Morgan advisor Robert Collier rejoined the firm in Laguna Niguel, Calif., where he reports to Lance Million, complex manager. While at Wells, he generated nearly $1.8 million in annual revenue.
He joined Wells from Morgan in 2007, prior to that firm's merger with Smith Barney, according to BrokerCheck records.
Also in New York, advisor Marcio Da Rocha left Scotiabank, a Canadian bank, to join Morgan. He deports to Nelson Gaertner, complex manager.
Da Rocha previously generated about $1.1 million in annual revenue and oversaw $103 million in client assets.