Deutsche Asset & Wealth Management’s Private Client Services has added a team of three advisors in Texas.
The three client advisors join the bank’s Houston, Texas, office from Merrill Lynch where they formerly managed over $1 billion in assets. The team of advisors will report to John McCauley, a managing director and Houston regional executive for Deutsche Bank Wealth Management for the Americas.
via Merrill Team Joins Deutsche Asset & Wealth Management | On Wall Street.
A spike in the proportion of RIA-to-RIA deals in the first half of this year may signify that the advisory field is starting to come into its own.“I think what we are seeing is the next stage of maturity,” says Mark Tibergien, CEO of Pershing Advisor Solutions. “What advisors are realizing is that this business is one that lends itself to active ownership better than passive ownership.” While the total amount of M&A activity declined, the percent of deals that were between RIAs increased to 67% between January and June of this year from 37% for all of 2012, according to Pershing’s mid-year deals report, The Powerful Potential of the RIA-to-RIA Deal. This is the seventh year that Pershing, the advisory services business owned by Bank of New York Mellon Corp., has released the study.
via Financial Advisor Mergers and Acquisitions | Financial Planning.
John Rasweiler, a prominent Morgan Stanley adviser in New Jersey, has joined UBS Financial Services Inc.Mr. Rasweiler, a 45-year veteran of the industry, joined UBSs Florham Park, N.J., office last Friday, according to Financial Industry Regulatory Authority Inc. registration records.Mr. Rasweiler’s team handles $4.8 billion in assets and has trailing 12-month production of $10 million, said UBS spokesman Gregg Rosenberg.AdvertisementJoining Mr. Rasweiler were team members John Cusate, Jack Riley, Michael Jordao, Jesse Kent and William Burke.
Ameriprise Financial has hired three financial advisors from UBS, Raymond James Morgan Keegan, and HSBC with $282 million AUM.Michael Walsh brings $120 million in client assets from UBS, and will join the firm’s employee platform in the Florham Park, NJ office.Christine Franks previously oversaw $81 million in client assets at Raymond James Morgan Keegan, and will join the firm’s Clearwater, FL branch.
via Ameriprise Adds 3 Advisors With $220 Million | On Wall Street.
A trio of advisors has signed on with Stifel, the firm announced this week.Well Fargo veteran Marty O’Connor and Terry Gordon, formerly of RBC Wealth Management, have joined Stifel’s Del Mar, Calif., private client group office, while longtime Morgan Stanley advisor Richard Linnihan has made the jump to Stifel’s private client group office in Golden Valley, Minn.O’Connor, who had $180 million in assets under management at Wells Fargo, will serve as vice president/investments. Gordon will hold the title of associate vice president/investments. She had $50 million in AUM at RBC.“I have had the privilege of working with Marty and Terry in the past, and to be reunited with them is an absolute honor,” Del Mar branch manager Jeff McCoy said in a statement. “Attracting talented advisors like them is a testament to what Stifel CEO Ron Kruszewski is buildin
A real-estate group led by investor Nicholas Schorsch said early Wednesday that they planned to buy independent broker-dealer First Allied Securities from its private-equity owner Lovell Minnick Partners, which has owned a majority stake in the IBD for less than two years.“This brings a whole new dynamic to the broker-dealer world,” said Jonathan Henschen right, president of the recruiting firm Henschen & Associates, in an interview with AdvisorOne. “It’s like in the ’80s when insurance firms were buying broker-dealers, but now maybe its REITs flush with money that will be buying BDs.”
via First Allied’s Surprise Sale to REIT Creates ‘Whole New Dynamic’ for BDs.
Morgan Stanley MS said Tuesday that it recruited three advisors from rival wirehouse firms with a total of $3.7 million in yearly fees and commissions, while Janney Montgomery Scott announced early Tuesday that its advisors have been joined by a team formerly with Stephens.Arthur Levine moved to Morgan Stanley Wealth Management’s office in Ridgewood, N.J., from Wells Fargo Advisors WFC. Levine, who has had 12-month production of more than $2.4 million, now reports to branch manager Peter Christou.
As the competition for top advisor talent remains strong, Hilliard Lyons added two advisors from UBS less than a week after UBS announced it had nabbed a Hilliard Lyons advisor with $475 million in assets.Hilliard Lyons scooped up industry veterans Kevin Lyall and David Havens in Winston-Salem, N.C., as the firm tops off recent growth in the area. They join an office opened last June with three advisors from RBC Wealth Management. Lyall will serve as the resident branch manager for the office.