Morgan Stanley Lands $8-Million RBC Wealth Team in New York
Avenging its loss of a well-heeled midtown New York City team to RBC Wealth Management earlier this summer, Morgan Stanley on Friday hired a pair of advisors with an even larger book from the same RBC complex.
Ira H. Mark and Michael J. Berger left RBC on September 11 to return to Morgan Stanley, said one of four associates who moved with them to the wirehouse’s Jericho office on Long Island’s North Shore. The advisors, among RBC’s largest in metropolitan New York, produced just under $8 million in the previous 12 months on about $1.4 billion of client assets, said a person who claimed familiarity with their business.
Mark and Berger, who graduated from the University of Maryland in 1991 and 1999, respectively, did not immediately return requests for comment on their reasons for returning to Morgan Stanley from RBC. They had joined the Royal Bank of Canada unit seven years ago, after a little more than six years at the wirehouse.
Morgan Stanley, which had retreated from active recruiting of veteran brokers after leaving the Protocol for Broker Recruiting almost three years ago, resuscitated its recruiting packages early this year before the pandemic emerged, according to recruiters.
Mark and Berger’s arrival reverses the Manhattan journey that veteran Morgan Stanley advisers Steven and Jeffrey Sheresky and Jeff Samsen, whose team managed $650 million, made to RBC’s midtown New York City branch in May. That same month Robert Funke and Peter Sadlo, who were managing $500 million in Morgan Stanley’s St. Louis office, joined RBC.
Making the move with Berger and Mark, who was a member of RBC’s “consulting group” for endowment clients, were their senior investment associate Nadir Ramnarian, senior registered client associates Christina Lamboy and Allison Bultman, and investment associate Drew Shuman. The team is not part of Morgan Stanley’s consulting group, which offers wrap-account programs to wealthy individuals and pension funds.
Berger began his brokerage career at Smith Barney in late 1999, moving with Mark to UBS in 2003 for a four-and-a-half year stint before joining Morgan Stanley for their first go-round in June 2007. Mark began his career in 1991 with New Jersey broker-dealers Ryan Beck and J.B. Hanauer, arriving at Smith Barney seven years ahead of Berger in 1992, according to their BrokerCheck histories.