Slideshow Advisors on the Move: $2.2B Advisor Leaves Credit Suisse for J.P. Morgan

Published
  • February 03 2016, 4:33pm EST
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Advisors on the Move: $2.2B Advisor Leaves Credit Suisse for J.P. Morgan

Credit Suisse lost a handful of advisors managing a combined $4.1 billion in client assets. The Zurich-based firm has been hemorrhaging advisors since announcing plans to exit the U.S. wealth management market and having signed an exclusive recruiting deal with Wells Fargo.

However, it wasn't the only firm that lost advisors in this latest roundup. A Wells Fargo team that managed $400 million joined Raymond James while a UBS advisor, who oversaw $260 million in client assets, left the firm for the bank side at SunTrust Private Wealth Management.

J.P. Morgan Lures $2.2B Credit Suisse Advisor

A Credit Suisse advisor who managed $2.2 billion in client assets left the firm to join J.P. Morgan Securities, a spokeswoman said.

Elaine Meyers, an industry veteran, joined J.P. Morgan in San Francisco, where she reports to Regional Director Robert Spawn, On Wall Street reports exclusively.

Meyers said she made the move to J.P. Morgan for its boutique wealth management model, which she believes best fits her clients' needs.

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Image: Bloomberg

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$1.6B Credit Suisse Team Joins William Blair

A team that managed more than $1.6 billion in client assets left Credit Suisse to join William Blair, a spokesman said.

Advisors Kim Chenevey, Joel Dobbs, Craig Savage, and Andy Thompson joined William Blair's Private Wealth Management Group in Atlanta, where they opened a new office.

Also moving with the team are service associates Robert Castaneda and Sarah Lundquist.

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Image: A team of Credit Suisse veterans left the firm to join William Blair. Image (from left to right): Craig Savage, Sarah Lundquist, Joel Dobbs, Robert Castaneda, Andy Thompson, and Kim Chenevey.

Credit Suisse Advisors With $1.3B in AUM Move to J.P. Morgan

J.P. Morgan Securities recruited four Credit Suisse advisors who manage more than $1.3 billion in combined assets, a spokeswoman said.

In the largest of the recent moves, advisors David DeLaney and Alan Davis manage $700 million in client assets, J.P. Morgan said.

DeLaney and Davis had been at Credit Suisse and its predecessor firm for about two decades, according to FINRA BrokerCheck records. DeLaney is an industry veteran, having started his career in 1977 at Merrill Lynch.

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Image: Bloomberg

Raymond James Recruits $2M Wells Fargo Team

Raymond James hired four advisors who managed nearly $400 million in combined client assets, the firm said.

The new hires, who left Wells Fargo and Davenport & Company, joined Raymond James in offices in Raleigh and Smithfield, N.C.

The advisors had over $2 million in annual fees and commissions, according to Raymond James.

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Image: Raymond James hired four advisors from new firms to form a new team. Image: Charlotte Pope, William Wellons, James Forrester, Scott Abee, John Robinson.

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RBC Nabs $4.1M Jeffries Team

RBC Wealth Management recruited a team of three financial advisors that has $4.1 million in production from Jefferies, RBC said.

The team, made up of Scott Edwards, George Kursar and Michael Occhiuto, will join RBC's Midtown New York office, according to the firm. John Moran, director of the Midtown complex, welcomed the team in a statement.

RBC declined to specify the team's AUM.

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Wells Fargo Lures $434M Morgan Advisors

Three former Morgan Stanley advisors with $434 million in combined client assets left the wirehouse to join Wells Fargo Advisors, the firm said.

Thomas Hofstetter and Daniel Baron, who managed $334 million combined in client assets at Morgan, joined Wells Fargo in Westport, Conn. Joining them are fellow team members Megan Helbig and Julie Gurrier.

The group will report to Christopher Calabrese, Westport market manager.

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Image: Bloomberg

UBS Team With $260M in AUM Leaves for SunTrust

A UBS team managing $260 million in combined client assets has moved to the bank side at SunTrust Private Wealth Management, according to the firm.

Advisors John M. Borth, David P. Brown, Paul G. Ullmann, as well as senior registered client associate Brigid Kemmerer, have moved to SunTrust's main office in Baltimore, the firm says.
The recruits generated a collective $2.5 million in annual revenue while at UBS, a firm spokeswoman says.

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$200M Wirehouse Team Opens Indy Office With LPL

Three former Merrill Lynch advisors overseeing a combined $200 million in client assets have opened an independent practice with LPL Financial, the firm says.

Wanting to go independent, wirehouse advisors Jeff Kocis, John Kinsella and Richard Rohlfing have moved their business to the Chicago-based IHT Wealth Management, an independent firm on LPL's broker-dealer and hybrid RIA platforms, according to LPL.

"By joining with LPL and IHT, we can provide our clients with objective financial advice that will allow us to find strategies tailored for their needs," Kocis says.

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Image: LPL Financial lures wirehouse advisors John Kinsella, Jeff Kocis and Richard Rohlfing to IHT's newest office in Oakbrook, Ill.

Wells Fargo Nabs $195M Morgan Stanley Team

A former Morgan Stanley team which oversaw $195 million in client assets has moved to Wells Fargo Advisors, the firm said.

The team, led by Brian Stevenson and Jay Knapp, joined Wells Fargo’s office in Dublin, Ohio.

Operating as the Stevenson Group, the team will report to Dublin branch manager Lucas Koffler and Columbus complex manager Jeremy Seck. Also on the team is Ryan Connell, Kim O’Hara Cristofoli, Robert Stevenson and Julie Kayser.

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$190M Wirehouse Advisor Joins Raymond James

A former Wells Fargo advisor with $190 million in client assets has joined Raymond James & Associates, the firm said.

Robert Campbell has moved from the wirehouse to Raymond James' employee broker-dealer in Denver, according to the firm.

He previously generated $1.05 million in annual production while at Wells, according to a Raymond James spokeswoman.

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Merrill Hires a Wealth Strategist From Citibank

Merrill Lynch hired a new international wealth strategist from Citibank, the firm said.

Fabio Concesi, who worked for Citibank for 10 years, will join Merrill’s Strategic Wealth Advisory Group in Miami. He reports to Stacy Allred, head of the group.

Concesi serves clients in Latin America, specializing in estate planning and other wealth planning services.

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Image: Merrill Lynch hired Fabio Concesi as an international wealth strategist. Concesi previously worked at Citibank.

Wealth Consulting Division Head Named at RBC

RBC Wealth Management has promoted its former head of correspondent and advisor services to lead the firm's wealth consulting division.

In her new capacity, Catie Tobin will oversee the firm's operations providing advice in retirement, insurance, wealth strategies, wealth management, trusts and lending to its base of 1,900 advisors, RBC says.

Tobin replaces former wealth consulting division head Ward Ring, who is retiring after 35 years in the industry, according to the firm.

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Image: RBC Wealth Management promotes Catie Tobin to head of the firm's wealth consulting division.

UBS Hires Former Hedge Fund Exec For Trading Strategies

UBS has hired former Brevan Howard partner Vinay Pande and his team for its wealth management unit as clients turn to hedge-fund type investment strategies to shield their portfolios from market shocks.

Pande will take a newly created role of managing director and head of trading strategies at the bank’s chief investment office.
The team is tasked with developing investment recommendations for the firm's wealth management unit, which oversees $1.9 trillion in assets, UBS said in a statement.

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Retired Raymond James Exec Helck Joins D.A. Davidson Board

Two years after retiring from his CEO post at Raymond James' Global Private Client Group, Chet Helck has joined the board of directors at D.A. Davidson.

Helck was appointed to a three-year term on the company’s 12-member board, the firm said. His appointment comes after his retirement from Raymond James' largest business unit in Feb. 2014.

Helck also had a long tenure on the board of directors at SIFMA.

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Image: Chet Helck, who worked 25 years for Raymond James, joins the board of directors at competitor firm D.A. Davidson.

CEO Path Blocked, Fleming Departs Morgan Stanley

After it became clear that he was not likely to become chief executive, Greg Fleming decided to step down as president of Morgan Stanley Wealth Management, according to a person familiar with the matter.

Fleming had been with Morgan since 2009, and helped the firm grow and adjust following its acquisition of Smith Barney.

A person familiar with the matter, who asked not to be named, said it was an amiable parting, but that Fleming, 52, was perhaps ready to leave in order to find a position as CEO, particularly as Morgan Stanley chief executive James Gorman, 57, isn't likely to retire any time soon.

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RBC Promotes Ex-Wirehouse Advisor as Branch Director

RBC Wealth Management promoted an advisor to be branch director of its Oklahoma City office, which has approximately $600 million in assets, the firm said.

Tim Grantham, who will oversee four advisors and three other support staff in his new position, started his career as investment advisor at Merrill Lynch in 1989, according to FINRA BrokerCheck records.

Before joining RBC, Grantham was a financial advisor at UBS where he generated $1 million in annual production, the firm said.

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Head of RBC Wealth Management-U.S. To Retire

The head of RBC's U.S. wealth management unit will retire, a spokeswoman said.

John Taft, 61, had been CEO since 2005, and had overseen several acquisitions that have substantially grown the Canadian firm's U.S. brokerage business. The firm's most recent acquisition included City National, an elite Los Angeles-based bank that caters to Hollywood elites.

In a recent interview about that acquisition, Taft said it would boost his firm's banking and lending capabilities.

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Image: John Taft, 61, will step down as CEO of RBC Wealth Management-U.S., a position he has held since 2005.

Managing Director Appointed at Merrill Office

The former CEO of Board Fiduciary Trust International of the South has taken a new position with Merrill Lynch to work alongside her son, an advisor with the firm.

Now as managing director of Merrill's office in Coral Gables, Fla., Teresa Valdes-Fauli Weintraub will work alongside her son Robert Weintraub, as well as Gabriella Adessi, who joined Merrill on Jan. 4 from Fiduciary Trust International of the South, the firm says. Valdes-Fauli will report to Josh Moody, a managing director and Miami market executive, according to Merrill.

"With more than 30 years of success in the industry, she is the consummate professional and pillar of the community," Moody says.

Since starting her career as a tax attorney with Exxon in New York, Weintraub has served as a vice president and trust officer for Northern Trust Bank of Florida from 1996 to 1998 and was employed by the University of Miami from 1986 to 1996, Merrill says.

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New Hires Announced at U.S. Trust

U.S. Trust has made several new hires in the last month to fill a growing demand for wealth management services, according to the firm.

The firm lured former Wells Fargo private banker David Sorensen to its office in Walnut Creek, Calif. as a private client advisor, U.S. Trust says. Meanwhile, Edward R. Titcome, a former Wells Fargo sales executive, joined the firm as a private client advisor at its office in Minneapolis, Minn.

Mark G. Schirmer, an ex-private banker from PNC, joined U.S. Trust as a private client advisor at the firm's office in Winter Park, Fla., the firm says. Also on the east coast, former Belmont Savings Bank Business Banker Caitlin E. Roos was appointed to private client advisor in Boston, Mass., according to the firm.

Former Citibank Vice President Jesse B. Neumyer joined U.S. Trust as a private client advisor in New York, the firm says. Meanwhile in Virginia, Michael C. Nexsen, previously in business development with Hayek Kayllen Inv., has joined U.S. Trust as a private client advisor at the firm's office in Charlottesville, Va., according to the firm.

Image: Bloomberg