First Republic Lures $7-Million Morgan Stanley Private Wealth Team in NYC
First Republic Bank on Friday strengthened its burgeoning wealth management force by hiring four advisors from Morgan Stanley’s elite private wealth group who were generating $7 million in revenue, according to sources familiar with the move.
The team oversaw $1.3 billion in assets for Morgan Stanley clients, the sources said.
A spokeswoman for Morgan Stanley, which employs fewer than 500 of its more than 15,000 brokers in the private wealth group that it says caters to people with net worths of at least $20 million, did not immediately return a request for comment.
Condos, whose client list qualified him to market himself as a “sports and entertainment director” within Morgan Stanley, did not return a call for comment on his move to the San Francisco-based bank.
A spokeswoman for Morgan Stanley did not immediately return a request for comment.
First Republic, a publicly traded bank once owned by Merrill Lynch, has been dangling aggressive signing packages before high-end wirehouse brokers as it expands from trust and private banking into wealth management and brokerage services, according to recruiters. It competed in the last round with UBS Wealth Management USA to land the Condos team, said a person familiar with their hire.
UBS, after a four-year contraction, has recently revived its broker recruiting efforts with stepped-up offers for high-end teams. Morgan Stanley, which like UBS withdrew from the Protocol for Broker Recruiting two-and-a-half years ago as it pulled back from expensive hiring practices, has also reentered the recruiting market. In January, it appointed Ben Firestein, a veteran complex manager in New York, to run national recruiting.
The Apollo Group, however, is the second team in two weeks that has left the Morgan Stanley midtown Manhattan complex that Firestein had led.
Steven and Jeffrey Sheresky and their partner Jeff Samsen, a team managing about $650 million of client assets, moved to RBC Wealth Management-U.S. on May 14. Another $550-million-asset team led by Robert Bregman left the complex in January to join J.P. Morgan Securities. (Michael Lee, a former J.P. Morgan manager with a strong recruiting reputation, left last year to beef up First Republic’s brokerage profile in New York.
Condos began his brokerage career at Lehman Brothers in 1990, and also worked at PaineWebber, M.J. Whitman and Oppenheimer & Co. before joining Smith Barney in 2005, according to BrokerCheck.
Morris first registered as a rep in 2000, working for two-and-a-half years at Oppenheimer prior to joining Smith Barney in 2003.
Katzman has worked at Morgan Stanley for all but two months of his ten-year brokerage career, according to BrokerCheck.