Managers on the Move: RayJay Gets 40-Year Vet in Houston, Morgan Stanley Fills NYC Seat
In a sign that empty management desks are looming large at some firms, Raymond James & Associates and Morgan Stanley have filled in vacancies.
RayJay’s employee channel hired 40-year industry veteran Philip “Charlie” Eldemire to run its Galleria Tower branch in Dallas with a mandate to tap his well-worn file of Dallas-area producers to expand the office.
Morgan Stanley has shifted 32-year veteran Cathy Galgano from running its branches in Chicago’s western suburbs to oversee its 399 Park Avenue complex of some 145 advisors.
Eldemire, who spent more than half of his career with Rotan Mosle, PaineWebber and their successor firm UBS Wealth Management, has for the past four years been running RBC Wealth Management’s Houston Galleria branch.
“I love RBC, but I just wanted to move home,” Eldemire said in a brief interview about his September 10 move to Raymond James. He reports to Michael Hilger, the firm’s North Texas complex manager, who oversees five branches.
A longtime Dallas-area wirehouse broker said Eldemire is the ideal candidate to spur growth in RayJay’s brokerage ranks in Texas. The firm has been on a multi-year campaign to advertise its broker-centric culture that includes a “Broker Bill of Rights” of nine principles, the first of which is: “You own your client base, including the right to sell it,” a jab at firms that have been leaving the Broker Protocol in an attempt to keep former brokers from calling former clients.
“He will be a great recruiter, with the bona fides of knowing everybody in town for the last 30 years,” said the Dallas broker, who spoke on condition of anonymity because his bank does not allow conversations with the press. “He knows who’s legitimate, always had a reputation of working for his brokers and will probably be enabled by Hilger to get things done,.”
An RBC spokeswoman did not immediately return a request for comment. A person answering the phone at Eldemire’s former office in Houston said Amy Whittington , a 20-year industry veteran who joined RBC in January from a consulting firm, is now the firm’s Galleria branch manager.
In New York, Galgano has been appointed to take the reins of 399 Park Avenue complex just a few blocks from Morgan Stanley’s corporate headquarters. She had most recently overseen the firm’s “Chicago West” complex in Oak Brook, Illinois.
Galgano, who did not return a call for comment, replaces Nelson Gaertner who was promoted in may to become Northeast U.S. regional head in a merry-go-round of management shifts in May.
Galgano, a Long Island native who began her brokerage career with Merrill Lynch in 1986, has worked at Morgan Stanley and its Smith Barney predecessor since 1998. Prior to shifting to the Midwest in early 2016, she ran Morgan Stanley’s Hartfor, Conn. complex for six-and-a-half years.
A Morgan Stanley spokeswoman confirmed Galgano’s shift, and said a replacement has not yet been named for the Chicago West complex.