Under protocol pressure, Morgan Stanley loses 9 teams overseeing $6B in AUM
Within days of Morgan Stanley's announcement that it was quitting the Broker Protocol, nine teams overseeing more than $6 billion bolted for rivals J.P. Morgan Securities, Stifel and RBC Wealth Management.
Of the departures, the largest was a New York-based team led by O'Callaghan and Norm Thomas. The group managed over $3 billion in client assets while at Morgan Stanley and joined J.P. Morgan, a spokeswoman confirms.
Also joining J.P. Morgan Securities in New York this week: the five-person Kolker Group, which oversaw $300 million, and advisor David Panzica, a 23-year industry veteran who managed $130 million.
J.P. Morgan also picked up two other mega teams from Morgan Stanley. Boston-based advisors Patrick Corbett, Bob Mason, and Dan Warren managed approximately $1.2 billion in client assets. Wealth managers Frank Botta, Dan McCarron and Mike Coyne oversaw about $1.1 billion. They are also based in Boston.
And in Dallas, J.P. Morgan hired former Morgan Stanley brokers Joel Tannenbaum and Arthur Dale Mitchell. They oversaw more than $310 million.
Also leaving Morgan Stanley in New York are Ken Ramos and Gary Rudow, who joined Stifel. They oversaw more than $325 million in client assets, according to their new employer.
In Springfield, Illinois, Stifel picked up another Morgan Stanley advisor: Henry Enno, who has more than three decades of industry experience and managed $97 million.
RBC, meanwhile, picked up two young advisors from Morgan Stanley in Dallas. Paul Hendershot, 37, and Carsten Frederikson, 34, oversaw approximately $140 million, according to their new employer.
To read more about Morgan Stanley's protocol exit, click here