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Merrill and JPMorgan Poach FAs From Morgan Stanley

April 14, 2017

Merrill Lynch has snatched up a veteran Morgan Stanley broker focused on Latin American clients, according to a press release.

Leon Friedlander has been with Morgan Stanley since 2003 and managed $288 million, generating $3.1 million in revenue, before his departure, Merrill Lynch says in the press release.

Last month, Merrill scooped up five Morgan Stanley advisors who collectively managed $953 million. But Merrill also lost three teams to Raymond James in March. And in February Merrill lost three advisors who collectively oversaw $602 million, as well as two more advisors with $1.3 million in annual revenue, to Morgan Stanley.

Meanwhile, Morgan Stanley also lost a team of advisors collectively managing $1 billion to rival JPMorgan, Reuters writes. Twin brothers Jay and Neil Canell and Justin Dembo will operate as the Canell Group in New York City, according to the publication. A Morgan Stanley spokeswoman confirms the brokers’ departure to Reuters.

Canell tells the newswire that his team was attracted to JPMorgan’s banking products on offer to high net worth clients, including customizable loans and mortgages, Reuters writes.

And Raymond James is continuing its recruiting spree, snapping up a team of advisors from Wells Fargo Financial Network, Financial Advisor writes. Lisa McIntire Shaw, Clif McIntire, Nathan Peterson and Jonathan Lindne manage $230 million as Cygnus Asset Management under Raymond James’s broker-dealer Raymond James Financial Services, according to the publication.

Earlier this month, a Wells Fargo Advisors rep managing $160 million joined Steward Partners, an employee-owned independent partnership associated with Raymond James Financial Services.

Raymond James also picked up a $144 million team from Morgan Stanley last month. Steward Partners, meanwhile, has added 10 new advisors year to date, collectively managing $1 billion. Steward Partners CEO Jim Gold said earlier this month that 2017 could be a record year for recruitment for the firm.

By Alex Padalka
  • To read the Reuters article cited in this story, click here.
  • To read the FA Magazine article cited in this story, click here.