Morgan Stanley lost more than 20 teams with more than $9 billion in client assets, according to On Wall Street’s roundup of recent hiring announcements. Despite those losses, Morgan Stanley remains the largest wirehouse by headcount and assets, with 15,759 advisors and $2.3 trillion of client assets.
J.P. Morgan Securities was among the beneficiaries of advisors exiting Morgan Stanley. The boutique wealth management firm netted a slew of top advisors from the wirehouse, including one who managed $3 billion assets and another that oversaw $1.6 billion.
Raymond James, which has long pursued an aggressive recruiting strategy, picked up several new hires, including a $540-million SunTrust team. And regional brokerage firm Benjamin F. Edwards announced a recruiting sweep of 14 advisors who oversee $1.3 billion in total client assets.
Scroll through to learn more about these adviser moves and others. For a look at our previous roundup, click here.
$1.6B team leaves Morgan Stanley for J.P. Morgan Securities
It's the latest hire for the bank's boutique wealth management unit. A week prior to this announcement, J.P. Morgan Securities said it hired a New York-based Morgan Stanley advisor who managed $350 million in client assets.
J.P. Morgan's newest hires, led by advisor Robert Gilman, also joined the firm's New York office. They report to Mike Lee, regional manager.
Gilman cited the firm's brand, platform and senior management as reasons for making the move.
Read more here.