Greg Fleming Lures Morgan Stanley Vet to Run East Coast Recruiting at Rockefeller
Michael Outlaw, who has spent his 21-year brokerage career with Morgan Stanley and has been its Atlanta Buckhead complex manager since 2010, is joining Rockefeller Capital Management to run East Coast recruiting for the newly recapitalized family office and trust company.
Rockefeller is run by Greg Fleming, the former president of Morgan Stanley Wealth Management, who has been filling his management ranks with former colleagues since his arrival at the New York-based firm at the beginning of the year.
While his earlier hires focused on administrative, strategic and product positions—including Christopher Randazzo as head of wealth management, technology and operations, Harry Singh as chief operating officer and Ed Moriarty as chief financial officer—Outlaw’s arrival is among the first to hit at the core of Morgan Stanley’s sales force.
In addition to running three Morgan Stanley branches in Atlanta and Chattanooga, Tenn., Outlaw since last year has been in charge of the firm’s Southeast private wealth offices for ultra-high-net-worth customers and their brokers.
A Morgan Stanley spokesman declined to comment on the departure or on whether the firm will seek any legal remedies to delay his start or otherwise impede Rockefeller Capital’s recruiting efforts. Morgan Stanley last November dropped out of the Protocol for Broker Recruiting, which could make it difficult for Outlaw to hire directly from the firm where he has worked since 1996.
Outlaw, who is 46, will start at Rockefeller in November, a sign that as a Morgan Stanley manager he was subject to a garden leave.
Fleming, a former investment banker who had worked alongside Morgan Stanley Chief Executive James Gorman at that firm and at Merrill Lynch, had a non-solicitation agreement that expired in January 2017, a year before he joined Rockefeller, according to regulatory filings.
Outlaw, who will open an office for Rockefeller in Atlanta, joined Morgan Stanley as an advisor in Sarasota, Florida, according to his BrokerCheck history, and rose to be in charge of the firm’s Washington, DC, complex before being deployed to Atlanta in 2010. He is the first “regional” wealth leader to join Rockefeller, which is majority owned by hedge fund Viking Global Investors.
The move adds to a continuing churn of senior management in Morgan Stanley’s southeastern wealth ranks.
Outlaw’s former Morgan Stanley Wealth Management boss, Michael Struckman, was abruptly shown the door at the end of May as Southeast regional director and replaced by Northeast regional director Ralph Balzano.
Eric K. Busko, who preceded Outlaw as head of the firm’s private wealth offices in the region, last month joined Raymond James & Associates’ Alex. Brown division in Atlanta as regional executive. He reconnected there with Craig Norton, another former Morgan Stanley Southeast region director who was ousted in January 2016 and joined RayJay that April.
Outlaw, who graduated from New York City’s Queens College and has an MBA from the University of South Carolina, was not immediately available to comment, a Rockefeller spokesman said.