![]() Dimon’s father, who previously worked at Merrill Lynch, and former Bear Stearns chairman and chief executive Alan “Ace” Greenberg. That qualifier explains, to some extent, why the firm is moving slowly and selectively, Mr. CEO Jamie Dimon last October targeted a goal of having 1,000 “top, top, top” brokers. The numbers are similar to what they were when JPMorgan Chase & Co. Their production is about 65% commission-oriented and 35% fee-based, Mr. The company currently employs just over 390 brokers in seven branches (and seven more satellite offices) who oversee about $60 billion of client assets. Morgan Securities today announced that its first-quarter revenue rose to $109 million, a 15% increase from the first three months of 2009. But he contends that the balance sheet, infrastructure, and product and service range of parent bank holding company JP Morgan Chase & Co. “Our transition package is considerably lower than anyone else’s in the business,” he noted. The firm does not offer fat recruitment packages, Mr. Secret are attracted to smaller retail operations in part because they have direct access to management and “can make a difference” in raising revenue at offices under their supervision. Morgan Securities, said top managers such as Mr. “MSSB has such a deep management bench they can withstand a manager getting picked off here and there,” he said.īarry Sommers, the chief executive of J.P. Last month, she said attrition of the top 40% of advisers that the firm wants to retain was at a historic low.ĭarin Maris, head of broker search firm RJ & Makay, said it’s not surprising that other firms are occasionally hiring Morgan Stanley Smith Barney managers since so many have been sidelined as a result of the merger. Louis complex, to prevent his immediate move to become a complex manager at Wells Fargo Advisors LLC.Ĭhristine Pollak, a Morgan Stanley Smith Barney spokeswoman, confirmed that the two complex managers have left the firm. Last month, Morgan Stanley sued Kevin Whitehead, who had overseen six branches in its St. said it has hired David Perez, a 23-year veteran of Smith Barney who managed several branches in Oregon, to open a Baird office in Portland. ![]() ![]() unit - have exited the company, said Danny Sarch, a recruiter and blogger for InvestmentNews, who has arranged some of the deals. Since the merger with Smith Barney was announced in January 2009, more than 15 complex managers - mostly from the former Citigroup Inc. The moves continue a shakeup of the managerial class at Morgan Stanley Smith Barney LLC, which has dealt with redundancies in its brokerage force of about 18,000 by reducing the duties of many branch and complex managers. Secret, who will oversee about 35 brokers in Atlanta, and Mr. Ardolino will be assigned to a complex after completing Merrill’s development program, according to Selena Morris, a Merrill spokeswoman. Secret joined Smith Barney in 1993 and became manager of its Atlanta Pinnacle complex in March 2006, according to his LinkedIn page.īank of America Merrill Lynch recruited Peter Ardolino, who had been a Morgan Stanley senior vice president and complex manager in southeastern Pennsylvania and New Jersey. retail-brokerage unit, confirmed that it has hired Pete Secret to run its 35-person Atlanta office. Morgan Securities, the former Bear Stearns Cos. Two complex managers from the Smith Barney side of the Morgan Stanley Smith Barney retail-brokerage venture began new jobs at competitors this week. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |