Advisor on $7.5 Billion Morgan Stanley Team Joins RIA
(Updates with comment from Shaffer in fourth paragraph.)
In yet another rift among big-team partners, an advisor on one of Morgan Stanley Wealth Management’s largest institutional consulting teams has joined registered investment adviser Silvercrest Asset Management.
Michael Birgeneau, one of the top three partners at Morgan Stanley’s 25-person Graystone Consulting unit in Columbus, Ohio, left on June 30 after almost 17 years working with senior partner Phil Shaffer, according to registration records.
At Silvercrest, a New York-based family office and asset management firm founded by former Donaldson, Lufkin & Jenrette executive G. Moffett Cochran, Birgeneau is a managing director and portfolio manager, according to Silvercrest’s website.
“We wish Mike all the best,” Shaffer wrote in an email. He declined to comment further citing firm policy.
His departure from one of Graystone’s biggest teams after such a long tenure raises questions about the fragility of team membership, following the split of a veteran JP Morgan/Bear Stearns broker from his group after a decade earlier this summer.
Birgeneau did not respond to requests for comment on the reasons for his departure from a team formed more than 20 years ago by Shaffer at Smith Barney. It remains one of Graystone’s biggest teams, listing 12 financial advisors and/or institutional consultants and 13 analysts and client associates on its website. As of last year it managed around $7.5 billion, according to Barron’s 2016 Top 100 Advisor rankings.
Graystone, which Morgan Stanley renamed in 2009 after absorbing Citi Institutional Consulting as part of its takeover of Smith Barney, works with foundations, endowments and other quasi-institutional entities in the retail wealth-management field.
On older versions of the Shaffer team’s website, Birgeneau is listed as second-in-command to Shaffer, who also works out of an office on Marco Island, Florida.
A Morgan Stanley spokeswoman responded to requests for comment.
Richard Hough, chief executive of Silvercrest, which as of June 30 had $17.2 billion in assets under management, did not respond to a request for comment on Birgeneau’s role.