Displaying items by tag: Morgan Stanley
First Republic Nabs $9.2 Million Morgan Stanley Private Wealth Team
First Republic Bank’s recruiting spree is paying off with the recent announcement that the bank nabbed a Morgan Stanley team managing $1.2 billion in assets for ultra-wealthy clients in Los Angeles. The six-person team is led by advisors Alexander H. Kadish, Nicholas Davey, and J.P. Garofalo, who generated a combined $9.2 million in revenue. The team, which specializes in helping executives with large corporate stock plan holdings, also moved with three support staff. In addition, another former member of their team, Robert A. Daly Jr., will continue to work with the team as an outside consultant. Daly and Kadish moved the team to Morgan Stanley in 2016 from J.P. Morgan Advisors. Kadish has worked at six firms over his 21-year career. He started at discount broker Banc of America Securities in 2001, then shifted to Smith Barney in 2003 and worked for Jefferies & Co before joining J.P. Morgan Advisors in 2010. Daly started his career at J.P. Morgan’s Bear, Stearns & Co. in 1998 and also worked at UBS Wealth Management USA before rejoining J.P. Morgan in 2009. Garofalo started with Wells Fargo Advisors in 2013 and has worked for Morgan Stanley, Ares Investor Services, and Nuveen Securities before returning to Morgan in 2020. The addition of the team brings First Republic’s 2023 recruiting total to four teams managing a combined $4.6 billion in assets.
Finsum:First Republic Bank lured away a $9.2 million team from Morgan Stanley bringing its recruiting tally for 2023 to $4.6 billion in assets.
Morgan Stanley Launches Active Ultra-Short Investment Grade ETF
Morgan Stanley recently announced the launch of an exchange-traded fund platform with the listing of six Calvert ETFs on NYSE Arca, including an actively managed fixed-income ETF. The Calvert Ultra-Short Investment Grade ETF (CVSB) will focus on investment-grade debt issuers. Managers Eric Jesionowski and Brian S. Ellis seek to maximize income, to the extent consistent with the preservation of capital, through investment in short-term bonds and income-producing securities. Investors will gain diversified short-term fixed-income exposure to an actively managed portfolio of high-quality bonds of issuers that Calvert believes are demonstrating effective management of key ESG risks and opportunities. The other five ETFs include four indexed ESG equity strategies and an active ESG strategy. The funds include the Calvert US Large-Cap Diversity, Equity and Inclusion Index ETF (CDEI), the Calvert US Large-Cap Core Responsible Index ETF (CVLC), the Calvert International Responsible Index ETF (CVIE), the Calvert US-Mid Cap Core Responsible Index ETF (CVMC), and the Calvert US Select Equity ETF (CVSE). As part of the announcement, Dan Simkowitz, head of Morgan Stanley Investment Management, said the following in a statement. “This launch is the first step in MSIM’s development of a robust ETF platform that supports products across our businesses, asset classes, jurisdictions, and brands.”
Finsum:Morgan Stanley announced the launch of an ETF platform and the listing of six Calvert ETFs, including an actively managed ultra-short investment grade ETF.
Merrill Scoops Up $180 Million Duo from Morgan Stanley
Merrill Lynch continues its recruitment of veteran advisors with the announcement that it lured away a duo managing $180 million in client assets from Morgan Stanley. The two-person team from Huntsville, Alabama is made up of 26-year veteran Lane P. Wilson and 15-year veteran Teri E. Miller. The pair, which joined Merrill on December 9th, produced more than $1 million in combined annual revenue. At Morgan Stanley, they had been part of a larger team called the Monte Sano Group. At least 11 members of that group remained at Morgan. Wilson started his career at MML Investors Services in 1996, moved to Compass Brokerage two years later, and then moved to Wells Fargo Advisors in 2006. He spent the following 13 years at Morgan Stanley. Miller, who had also been with Morgan Stanley for 13 years, started her career at Invest Financial Corp. in 2007. The office they are joining is part of Merrill’s community markets program that launched in 2018. The program is aimed at growing and retaining brokers in branches outside of Bank of America’s footprint. According to recruiters, Merrill returned to hiring traditional brokers from its rival wirehouses with high-end deals over the summer.
Finsum:Merrill Lynch reeled in a duo from Morgan Stanley that manages $180 million in client assets.
Four Morgan Advisors Jump Ship to Wells
Wells Fargo continues to bolster its recruiting efforts with the addition of four Morgan Stanley advisors generating close to $5.6 million in annual revenue. The largest of the hires is Steven Esposito from Lake Forest, Illinois, who moved to Wells Fargo Advisors’ independent Financial Network channel. He managed $435 million in client assets and generated $2.8 million in annual production at Morgan. Esposito, a 39-year industry veteran, has worked at six firms, including Morgan Stanley for the past 14 years. Roni Murshad, a 20-year-industry veteran from Gaithersburg, Maryland, also made the move from Morgan to Wells FiNet. The advisor managed $79 million and generated $860,000 in annual production. Murshad, who began his career at Morgan Stanley in 2001, left after five years, and spent six years at Bank of America and Merrill Lynch, before returning to Morgan in 2012. In addition, two advisors from Westlake Village, California moved their team from Morgan to Wells Fargo. Howard Lee and Terri Lane managed $400 million and generated $2.1 million in annual production at Morgan. Lee started his career at Lehman Brothers in 1964, while Lane worked at six firms with stints at UBS and Bear Stearns, before joining Morgan Stanley.
Finsum:Wells Fargo bolsters its ranks with four Morgan Stanley advisors generating close to $5.6 million in annual production.
Merrill Lands $430M Advisor from Morgan Stanley
Merrill Lynch has landed a San Franciso-based financial advisor from Morgan Stanley. Nandi Gunning, who managed $430 million at Morgan, joined Merrill Lynch’s private wealth management business, which caters to high-net-worth clients. According to the firm, the former CMW Group is now the CWMG Group with the addition of Gunning. The team includes advisors Anthony Canini, John Myers, and Andrew Wages. The CWMG Group also includes five support staff and is based in San Francisco and Columbus, Ohio. It oversees $2.5 billion in total. Gunning got her start at Morgan in 2014. She was drawn toward Merrill’s capabilities in banking, lending, and trust offerings. She also liked the idea of switching from running her own practice to working on a team. As part of a statement, she wrote, “While everyone has unique gifts, the power of teams is bringing together individual skills and talents, diverse perspectives, and vast experience to serve a common purpose. Diverse teams have a broader, more comprehensive view, and the more perspectives the better.” Merrill had previously landed a $1 billion team from Citi earlier in the month.
Finsum:Morgan Stanley advisor jumps ship to Merrill, drawn by the firm’s banking, lending, and trust offerings and the chance to work as part of a team.