Slideshow Advisers on the Move: Brokers with $6B in AUM join Merrill Lynch

Published
  • June 12 2017, 3:49pm EDT

Advisers on the Move: Advisers with $6B in AUM join Merrill Lynch

While Merrill Lynch and Morgan Stanley announced recruiting cutbacks, recent weeks have brought a whirlwind of new hires for both firms.

Advisers who managed over $6 billion in combined clients joined Merrill Lynch. At the same time, the wirehouse lost advisers managing more than $420 million to competitors.

Meanwhile, Merrill Lynch told managers that the firm would cease hiring senior advisers by the end of May and focus on recruiting younger advisers with three to eight years of industry experience.

"Whenever there is a deadline, there is a flurry of hires," recruiter Bill Willis says.

But Merrill wasn’t the only firm to bring in big recruits. J.P. Morgan Securities grabbed two wirehouse teams who managed over $700 million in client assets.

Scroll through to see these and other recent hires.

Merrill Lynch lands $3.3B team, not slowing down ― yet

A $3.3 billion group that left UBS to join Merrill's Chicago office.

Merrill's new team includes F. Michael Covey, Tom Kane and Mark Wiktor, who have been working together for more than a decade. They moved their practice from Lehman Brothers to UBS in 2007. Wiktor, who is the most experienced, worked at Lehman for 23 years, according to FINRA BrokerCheck records. Covey and Kane have 17 and 13 years of experience, respectively.

Among Merrill's big hires recently, two teams had members that were named to On Wall Street's Top 40 Advisers Under 40. Kane has been on the top 40 ranking every year since 2009 until last year when he ranked no. 17.

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Merrill Lynch nabs $1B team from UBS

The firm's newest hires, who oversaw $1 billion team in client assets, come from rival UBS and follow on the heels of an equally large hire.

Advisers Joseph Gabriele and Paul Vasady-Kovacs joined Merrill Lynch’s New York office, the firm said. While at UBS, they generated $7 million in annual revenue, according to Merrill.

Gabriele, who was also once the CEO of investment firm Gabriele, Hueglin & Cashman, has been working in the finance industry for more than 45 years. For the last 10 years, he has been working at UBS. More than once he was named a top adviser by Barron’s and The Financial Times, a spokeswoman said.

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Merrill Lynch recruits $1B adviser

Merrill Lynch recruited an adviser who previously oversaw $1 billion in client assets, a spokeswoman said.

Fernando Nicolau, who was previously with JP Morgan Private Bank, now operates from a Merrill Lynch office in Miami. Nicolau will work with Merrill Lynch advisers Andre Mendes and Pedro Paulo Silva. They form the firm's largest Brazil team serving wealthy Latin American clients.

"His years of experience working in the Latin American market make him the right fit for our Brazil client segment," Andres de Corral, market executive, said in a statement.

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Merrill Lynch hires adviser with $113M in AUM from JP Morgan

Merrill Lynch hired an adviser who oversaw $113 million in client assets at JP Morgan, a spokeswoman said.

Cathy Reed worked at JP Morgan for four years before joining Merrill Lynch. She now works in Merrill’s office in Austin, Texas.

Reed, an industry veteran, started her career at Morgan Stanley in 1988, according to FINRA BrokerCheck records. She later worked at firms such as H&R Block and LPL Financial.

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Merrill team with $160M goes indie

A Merrill Lynch team that managed $160 million in client assets has gone independent with HighTower, a spokeswoman said.

Team members Tom Parker, his son Tommy, Patrick Dugan and Paul Spencer opened their new practice in West Palm Beach, Florida.

Among HighTower's latest recruits, Parker has more than three decades of industry experience. He and Dugan had been with Merrill since 2009, having previously worked at Smith Barney, according to FINRA BrokerCheck records.

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Raymond James hires Merrill Lynch team with $110M in AUM

Two veteran advisors from Merrill Lynch who generated over $1 million in annual revenue left to join Raymond James, a spokesman for the regional firm said.

Sandy Martin and Kirstin Walker now work from Raymond James’ Orlando, Florida office. One of the reasons for the move is to better serve their female clients, Walker said in a statement.

The firm's Network for Women Advisors, Walker said, “will offer us specific tools and resources as we focus more of our practice on serving women who are responsible for their own financial wellbeing ― a client segment that has been woefully underserved by our industry, in my opinion.”

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$6.4M adviser leaves Merrill Lynch

A Merrill Lynch adviser who oversaw $650 million in client assets left the wirehouse to join Bolton Global Capital, his new employer said.

Euclides Moreno generated $6.4 million in annual revenue while at the wirehouse, according to Bolton.

The Miami-based adviser specializes in servicing wealthy international clients. Moreno had been with Merrill Lynch since joining the industry in 2000, according to FINRA BrokerCheck records. Prior to becoming an adviser, Moreno worked in his family’s Venezuela-based bank, according to his new firm.

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UBS hires $200M Merrill Lynch team

UBS recruited a Merrill Lynch team that oversaw $200 million in client assets, according to a person familiar with the matter.

The group generated over $2 million in annual revenue, the person said.

The Swiss firm's newest hires include Michael Miremadi, Christopher Heintz and Teresa Uzeta. The team joined UBS in Seal Beach, California.

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Merrill Lynch adviser with $60M AUM joins Snowden Lane Partners

Snowden Lane Partners hired Marcus Selva who managed $60 million in client assets while at Merrill Lynch, the firm said. Selva joined the firm's San Antonio office in 2011. Before working Merrill, he was a business consultant for the San Antonio Spurs NBA team.

2 wirehouse teams with over $700M join J.P. Morgan Securities

J.P. Morgan Securities recruited two wirehouse teams that managed over $700 million in client assets, a spokeswoman confirmed.

The new recruits joined about a month after the boutique wealth management unit landed a $1 billion team in New York.

Joining from UBS are Brad Hamlin, Brad Fine and Carl Pestelos. They are based in Los Angeles and report to Frank Epinger, regional director.

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Wells Fargo loses $190M adviser to indie firm Steward Partners

An adviser overseeing $190 million in client assets left Wells Fargo for Steward Partners, an independent firm affiliated with Raymond James, according to the firm.

New York-based Mark Pojednic is the latest financial planner to join the fast growing firm. Steward Partners recently opened its 10th office in Boston, recruiting three teams that managed over $600 million in client assets.

Pojednic says he moved to the firm for its partnership model and independence.

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Raymond James entices away Oppenheimer manager

Raymond James & Associates hired a new branch manager from rival Oppenheimer & Co., the firm said.

Richard Grobman will oversee Raymond James' Philadelphia office and report to Tony Barrett, the firm's Delaware Valley complex manager. Grobman will oversee 10 Raymond James advisers, the firm says.

While at Oppenheimer, Grobman oversaw the regional firm's office in the city where he was responsible for about 20 advisers and support staff, according to Raymond James.

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$5.5M team leaves Morgan Stanley for RBC

A Morgan Stanley team that generated $5.5 million in annual revenue left the wirehouse for RBC, a spokeswoman for the regional firm said.

The Canadian firm's newest hires operate from two locations: Boston and Century City, California.

In Boston, the team includes advisers Alexander Sugar and Alex Davis as well as Sheila Golden, senior registered client associate, and Annie Tse, senior registered client associate. Graham O’Kelly, Grant DeVaul and Taylor Biehn, as well as Tricia Moses, senior business associate, comprises the team in the Los Angeles area.

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Baird opens new office with new $178M team

A UBS team that managed $178 million in client assets left the wirehouse to open a new office for Baird, the regional firm said.

Jeffrey Tolbert generated $1.4 million in annual production while at UBS, according to Baird. He is an industry veteran, having started his career at Prudential Securities in 1983, according to FINRA BrokerCheck. Tolbert transitioned to UBS in 1994.

Also moving with him are senior client specialist Susan Bronzell and client specialists Matthew Tolbert and Anthony Capitani.

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Raymond James grabs team with $177M in AUM

Raymond James lured away a team that managed $177 million in client assets from rival firm D.A. Davidson, according to the company.

Advisers Ken Robbins and Kathy Roshay and Magda Lesmana, registered customer service associate, joined Raymond James' employee channel in Los Angeles.

The team previously generated about $1.2 million in annual revenue, according to Raymond James.

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$105M UBS adviser jumps to Stifel

Stifel recruited a UBS adviser who oversaw $105 million in client assets, the firm announced.

Donna Kane joined the regional firm's office in Stockton, California.

Kane has been an adviser since 2000, according to FINRA BrokerCheck records. She started her career at A.G. Edwards and moved to UBS in 2008, after A.G. Edwards was acquired by Wachovia.

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Janney nabs $350M team from Morgan Stanley

A Morgan Stanley team that managed more than $350 million in client assets left the wirehouse to join Janney Montgomery Scott, the regional firm said.

Advisers June Strunk and Shane O'Brien now operate from Janney's branch in Mystic, Connecticut.

Of the firm's latest hires, Strunk had been with Morgan Stanley and predecessor firm Smith Barney since 1999, according to FINRA BrokerCheck records. O'Brien joined the wirehouse in 2015, after working at Prudential. Also joining the team is Lisa Cayer, senior registered private client assistant.

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Ameriprise nabs Wells Fargo advisers with $300M

Three Wells Fargo brokers managing nearly $300 million in assets bolted for Ameriprise, the company said.

Advisers James Novaria, Nick Yetter and Scott Matheson followed two other Wells Fargo brokers to the Ameriprise employee channel in the second such move unveiled by the regional firm this month.

Matheson works out of the Virginia Beach, Virginia-based branch, while Novaria and Yetter came aboard in Kalamazoo, Michigan. All three made the move after 13 years each at Wells Fargo, according to BrokerCheck records.

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RBC recruits $308M adviser from Morgan Stanley

RBC lured away an adviser managing $308 million in client assets from Morgan Stanley, the firm said.

While at Morgan Stanley, Roberts generated $1.4 million in annual revenue, RBC says.

Kevin Roberts had been with the wirehouse since 2008, according to FINRA BrokerCheck records. He previously worked at Merrill Lynch.

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As wirehouses retreat on recruiting, Raymond James nets advisers with $370M

Among Raymond James' latest hires, ex-Merrill Lynch brokers Gary Cook and Kristina Daniel joined the regional firm's branch in Clinton Township, Michigan, a suburb of Detroit. Lewis Walterhouse is the branch manager for that office.

Cook and Daniel managed $240 million while at Merrill, according to Raymond James. Also moving with them is Beth Decker, senior registered client service associate.

Cook had been a Merrill Lynch adviser since starting his career at the wirehouse in 1995. Daniel got a job working in the mailroom at Merrill in 1998, and worked her way up the ranks.

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Wedbush expands management roles

Wedbush manager, Douglas Pryor, now oversees the firm's offices in Los Angeles and Newport Beach, California. He has been with the regional firm since 2015, having previously worked at Stifel and Morgan Stanley, according to FINRA BrokerCheck records.

Dru Gilbert, who has worked at Wedbush for nine years, took on three Oregon offices in addition to the Roseville and Sacramento, California offices.

The Los Angeles-based brokerage firm also promoted William Scott to division manager. Scott has been with Wedbush since moving over from Wachovia in 2009.

Merrill Lynch promotes company veteran to lead Philadelphia market

The company named David Hogan as market executive of its Philadelphia office where he will oversee 108 advisers. Hogan started his career working at Merrill Lynch 33 years ago.