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Morgan Stanley Loses $285 Million Team

By Alex Padalka March 21, 2019

Wirehouse Morgan Stanley has lost a pair of financial advisors to Steward Partners Global Advisory, according to Steward Partners.

Brett Diamond and Jason Bottenfield have joined Steward Partners, the employee-owned independent partnership associated with Raymond James Financial Services, as Diamond & Bottenfield Private Wealth Management Team, according to a press release from Steward Partners.

The pair will work out of the company’s new office in Dallas, which is its second office in Texas and 18th nationwide, Steward Partners says.

Diamond and Bottenfield previously managed $285 million at Morgan Stanley, according to the press release. Diamond entered the financial services industry in 1999 and had been with Morgan Stanley since 2009, according to his BrokerCheck profile.

Bottenfield began his industry career in 2004 and also joined Morgan Stanley in 2009, according to BrokerCheck.

"Our entire team is excited by the opportunities this move will create for our clients over the long-term," Diamond says in the press release. "We are thrilled to be a part of Steward Partners’ quickly growing Texas presence, and we look forward to starting the next chapter of our careers within the firm."

Diamond and Bottenfield are the second team of advisors to join Steward Partners so far in 2019, according to the company. In January, the firm poached several Wells Fargo advisors overseeing more than $330 million.

Meanwhile, Raymond James Financial CFO Jeff Julien is retiring at the end of the year, the company says in a separate press release.

Julien, who’s been with the firm since 1983 and its CFO since 1987, will continue serving as executive vice president of finance and as a senior advisor to help with the transition, according to Raymond James.

He will also remain a director on the bank board, where he’s currently chairman, and continue serving on several management committees as well, the company says. Paul Shoukry, Raymond James’s current treasurer and senior vice president of finance and investor relations, will take over as CFO Jan. 1. And Steve Raney, Raymond James Bank’s president and CEO who currently reports to Julien, will report directly to Paul Reilly, Raymond James’s chairman and CEO, effective 2020.